Not sure who you are talking to but just want to point out that MIN's resource is all contingent resource and no independently certified reserve. MIN's current 2C is 76mmBOe while STX has 2P of 47mmBOe and 2C of 71mmBOe (comprising of 21mmBOe for ED and 47mmBOe for OH). So I'd say STX's asset is far more advanced and valuable than MIN's at this point in time. This may change in due course as more appraisals and certification is done but as of now when their energy asset is up for sale, I'd say STX's asset is more advanced and valuable.
Mitsui's rumoured 500mn bid was an obvious "feeler bid" to test the water so to speak. I suspect it will be closer to a final price of 750-900mn if a deal is to get over the line. 750mn would equate to around 9.86/BOe or 1.64/GJ of 2C. Of course, MIN may just decide to do more work and get its 2C converted into 2P, which should then see it value at closer or above 2/GJ or 12/BOe, resulting in an overall valuation of 912mn.
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STX Price at posting:
21.0¢ Sentiment: Buy Disclosure: Held
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