Ann: Senegal First Oil, page-10

He is the same person who, when he owned the stock big, said 2 years ago that the contingent payment should be valued on a 10% discount rate and that hedging was very cheap.....Now he doesn't own the stock, discount rate should be 25%+ and hedging is very expensive, even though hedging is now much cheaper and the project is de-risked substantially.

This is risky and still a bet on oil prices but in my view is still attractively priced considering the 2024 calendar year payment is v likely to be paid out at the $70/bbl figure. Worth a position but be sensible with sizing.