>And with all due respect, even if this was about any value in the ground, the math still is: potential value of the company divided by number of outstanding shares equals shareprice.

That’s not the way to calculate the potential value of a share price. For a long term-investor the value lies in the ground. We’re not going to include the South African property into the equations for the time being. However, we include Falcon’s Hungarian properties and the Australian Beetaloo properties. In Hungary Falcon has proved the Scotia’s best estimates to be 43 Tcf of gas, and we have in Australia the Ryder Scott’s best estimate pegged at 63 Tcf of gas. So, in the two plays you are looking at over 100 Tcf of gas. If they were proven reserves, the value would be equal close to100 billion dollars. (Exxon bought XTO for 40 billion dollars with 45 Tcf of gas reserves plus other assets.) So, potentially, this is a huge amount of money, even if we end up with multiple partners, or having Falcon’s share count diluted by 300,000 shares.

Falcon’s assets in Hungary are proven resources, but not reserves, and in Australia the Ryder Scott estimates still need to be proven, hence the low share price. But for the long-term investor the risk is well worth to take, because for the money you can’t get a better play than this.