19 bucks, 50% chance of success, page-19

"A $200m plus market cap before drilling is not out of the question here and I would go as far as $300m but we are a long way off of that right now, a lot further than any of us old dogs would have imagined 12 months ago."

Well the latest research report said that $200m was the risked target market cap but then said that they chose to discount it by 50% to be conservative