If I was doing the valuation I would be using like for like and not including the well commitment as most farm in partners would expect to pay at their fare share of future costs.
i.e us$1400000 divided by 58334 or us$240 per acre.
But that does not allow for the 3d seismic that Great Bear paid for.
In the light of the Central North Slope Transactions since 2011 OTTO's farm in deal looks very attractive, and makes me happy to back OTTO management and wait!
More deals coming soon according to the latest quarterly!
If I was doing the valuation I would be using like for like and...
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