Would be interested to see the make up of your 10c Val STH?
Given the SNE 2023 NPV has reduced to US$540m or A$770m.
$770m divided by 10.4Billion shares is roughly 7.3c NPV at 2023.
Discounting that back to today's date gets it to around/below 6c value for SNE.
No value should be ascribed to cash as the NPV value provided by FAR is as at 2023 when most, if not all, the cash has been spent on getting to first oil.
Hard to value, FAN, GB, Gambia etc - even ascribing 1c to that now means you are valuing that appraisal/exploration pasture at $104m given the number of shares on issue.
Unless you are cranking up your oil price assumptions above the assumed US$65?
Ann: Arbitration Update, page-116
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