I am content to wait and see. However, here is a scenario to...

I am content to wait and see. However, here is a scenario to ponder and have gone over all the figures.

I think we are looking at say $400M for 51%. Covers debt, say $250M, and puts $150M in the bank for further development as alluded to. Market cap is currently around $270M. Now production of say 15000bpd = 5.4M per year, say 5M @ $52 (say av sale price $85 and minus prodn costs of $33) = $260M in revenue with 49% for AED.

Don't think they need to issue shares in AED, just sell 51% of producing assets. I think the term JV reflects this.

So at current SP and MC of $270M, may have debt free company, $150M cash in bank and 49% of $260M per year.
Obiviously, if they can fix improve their prodn rate to the 30,000bpd then the $260M doubles. If they have further hits, its all cream. Based on the above I think we would be looking at a market cap of over a billion or roughly 4 times current share price.

Will have to wait and see what the JV deal is. I have no doubt it will jump on open and I will guess $3.20 on first day.