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# question for testie (& pj could help)

1. 3,438 Posts.
Got to thinking about your assertion that SHG had a market capitalisation worth \$60m...from which there have been comments (including my own) about the \$ value per share.

Where did you get your value of \$60m from...because upon analysis I conclude that the net asset value is more like \$178m...which is more conservative than Jeremy Towner who said on the EnergyReview.net website earlier this week that SHG had gas resource around \$260m...of course he may know something I don't !

Anyway, here is my calculation...tell me what you think

ATP 645P Overston has 137 bcf - SHG has 50% share = 68 bcf
ATP 685P Tardrum has 128 bcf - SHG has 40% of 50% share = 26 bcf (based on a 50% farmin with Santos - increasing to 51 bcf for 100% farmin to Santos but ignoring this for a moment but noting that this may account for Jeremy Towners' high valuation).

Using the above figures based on mean gas-in-place without upside potential, the interstate acquistion and any upside from the drilling programme (i.e ATP 684P Comet and ATP 639 Cullin) over the next few months, I calculate that a gas resource of \$178m net of lifting costs. SHG estimates that 1bcf of gas net of lifting costs is valued at \$1.9m.

Now, based on 75,872,864 issued shares and 29,125,360 issued options, I calculate that the values that the shares and options should readily achieve (as the projects pass the development thresholds) are \$1.60 per share and \$1.40 per option.

Any thoughts ???

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