you cant seriously just look at the current MC pre forma to compare peers.
Its already trading at 15m mc ball park, pro forma. Vendor + CR (ignoring all perf) = 95m FP.
I would be a buoyancy buyer at the 10-11c area if the placement is flushed through, is then at the 10-11m mc, and you would get some channel volatile trade opportunity into the current prices. Would then make a free carry trade sell into 15 area. Its not worth much more, as other peers in green fields offer same. Until field surveys / drills separate the pack.
When there is such a large over hang, dont chase.
Not investment advice
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