1.20, page-8

I have heard but have not seen (being a non subscriber), that Stock-analysis have a value of $12/ sh for a Jaguar discovery using a prospective resource of 250mmbls
Using say a 10% chance of success, that would equate to $1.20 risked value/ sh.
EXR value a discovery at a whopping $28 / sh

For example
If you go with the 250mmbls prospective resource scenario
-use $11/ brl for North Sea offshore oil
-EXR retains 40% share
-($2.5mil drilling cost for unrisked valuation)
-10% chance of success
-89mil shares fully diluted including discovery shares

You will come up with roughly $12 /sh unrisked and
1.20 /sh risked.
In other words, it's not outlandish to expect the stock to be trading above $1.00 pre drill imo