I think your math is fairly accurate on PHUN and it's trading price of around 2 cents. There are two small additions that anyone looking at PHUN going forward should keep in mind.

1. Since PHUN (Sweetpea which is wholely owned by PHUN) only has a 24% interest in Falcon Australia - their equity position falls below the level that gives them a real strong voice in how any money is spent or divided or paid out going forward.

2. If Hess is successful, then Falcon Australia will have to start coming up with it's 37% of the drilling costs (after the first 6 test wells) and by extension PHUN will have to come up with their 24% portion of that funding or risk losing some of their equity in the play.

Therefore, there may be a bit more risk as to whether PHUN will move up by the same multiplier/percentage that Falcon could move up with success in the Beetaloo - but it should still have pretty good run - until such a time as Bruner starts playing games with PHUN at least!!