using blackoils formula for LGOs part of yellowbank. assuming 5mmbls @ 11% = 0.55mmbls @ AUD$15 = AUD$8.25 million. LGO scrip fully diluted @ 172 million = 4.8c per share. so if underlying LGO was trading at 2.2c on friday, then a 5mmbl strike would be adding roughly 4.8c of value to equal around......... 7 cents per share. therefore using blackoils calcs, approximately 136% upside for EPE on a yellowbank strike vs 218% upside for LGO. this about right?
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