shell on board, page-20

I agree with Seeker.

By my reading, Shell are effectively paying a maximum of $20.5m for 45% JV share - effectively valuing Nido's 33% share at appprox. $15m.

I assume that there isn't any backdating of Shell's pro-rata share of 2010 work programme. Even if there is the value of the can't be huge (their 45% would probably top out at $10m and that's being generous).

Assuming $10m backdate payment that values Nido's 33% at about $20-$25m.

Based on consensus views on this forum around prospects for Gindara either:
a) Consensus views of Gindara valuation are too high (when referenced against Shell farm-in valuation) or
b) Nido got screwed on farm-in negotiations due to cashflow issues related to Tindalo or
c) Both of the above