Empyrean Energy

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blueforce if ('IF') gas is hit at Glantal - the potential is circa 6.2 Tcf - ok so it's based on something like 80-1 as you state reducing to 9-1 for circa 350 bcf

The estimate on EME finding 0.5 tcf and sharing the half of it at current prices of circa $6/1000 cu ft makes it worth circa £250m to them.

350 bcf possibly £175m.
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But about 12% chance of getting 350 bcf, so the value now (assuming the stats are good - they will be built from models of other resources) is abour 40 bcf.

Giving your valuation of £175m for 350 bcf this gives about £19m for 40 bcf.

But this assumes it would be commercial, that you don't need to discount future cashflows and when you consider exploration/possible production costs as dilution of shares, then the value now must be much less than this.

So DON'T believe these are stupidly cheap.

The best chance of any success is from Eagle but remember how cheaply they got this and the costs involved in bring it to production (if it is commercial). You can use other shares as a comparison but that doesn't mean those are fairly valued. This was a device used to justify the prices during the dot com boom, comparison to peers.