Ann: Talon acquisition update, page-49

Hi 618,

I do think the ratio undervalues TPD and I am relying on the Independent Expert to back that up, either kills the deal or brings STX back to the table, hopefully they won't disappoint. I put together the following and put them up on the TPD thread, be glad to get your feedback, positive or negative, I don't mind. I am keen reader of your model and drew on your future spot prices when I put it together (credited you but didn't tag you). Base case uses cost for L7 & Condor. EP447 is a guesstimate (no data available) but I am keen to know if W7 sits in L23 or EP447. Best case for L7 and Condor is a risked IGV from the Certified Resources.