To keep things in perspective, in November 2014 when brent crude was the same price as now, FAR had confirmed 2 oil discoveries in Senegal of which it owned 15%. It's MC (after a large CR) was then approx $400 million but with approx $80 million held in cash resulting an EV of approx $320 million.
By the time drilling occurs in PEL 87, PCL will also likely hold around 15% - 20% of the licence. This suggests success in finding commercial oil in PEL87 in say 2025, would put PCL up to a similar peak to that of FAR in 2014.
https://www.asx.com.au/asxpdf/20141114/pdf/42tqbsww0xb3nl.pdf
Should success confirm large quantity of oil similar to Total or Shell's deepwater BBLs + discoveries then a higher MC would follow.
2023 - going to be a big year, page-458
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