Premium was around 35% when Conoco sold it in Oct2016, ie USD156mil on top of their Book Value of ~USD286mil. Costs for Fan1 alone accounted for USD 117mil frm USD 286mil.
So realistically if one scaled down WPL's USD617mil spendings till date minus the USD156m premium paid to COP & USD117m Fan-1 costs, then (344mil/0.67)*(15/35) by SOI is the bottom line. Add cash on hand by SOI, so total 3.88c minimum.
OR
Work backwards for SNE's NPV in 2023 at USD65/bbl, i.e 2023: USD650m, discount that by 1.331, 1.21, 1.1 to get Present Value in 2020, 2021, 2022 ie 7.3, 8, 8.8 and 9.7c Add cash on hand to that for the quick back of the envelope value.
Ann: Investor Presentation - Sangomar Phase 1, page-89
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