FAR value, page-9

Probably best to use 13.7% which is 115 Mmbbls 2C, but otherwise a realistic assessment of the intrinsic value of our oil after reserves are booked, whether the market will reflect that value at that time is one thing, but in a TO situation any less than a 30% premium would be rejected IMO...

As we approach production the value of those barrels will increase, however so will debt but there should still be a comfortable net gain in value, with the oil price being the arbitrator on that outcome...

Worth noting that these are RISC 2C numbers, the JV numbers might be lower and CN has hinted at that, perhaps somewhere between CNE's and FAR's numbers, also no resources have been booked for SNE North as yet, plus they may include Gas in the JV figures , which would give us BOE not just BO..

The main takeaway here is that at 13c there is no permanent downside under almost all circumstances IMO but considerable upside with SNE alone, the blue sky potential with SAMO and FAN, should they do an appraisal well, would make considerable look like an understatement ...

Cheers Whisky