You claim it's "quick and dirty" and a "rough guesstimate" then you leap to ....
"point is Sonangol paid 85% for two wells, then 70%....." (source: 74610861) Did they?
I don't believe they did pay for the total 70-85% realised exploration and evaluation expenses, according to the financials if you look at ASX:MAY's "(Payments for exploration & evaluation…" then compare that to "Other (Contributions from JV Partner)" I have never got 85% or 70%.
And if you do a deeper dive, you have to account for the $5million prior to the JV. And you have to look at the first few payments from the JV schedule and try to match that with the quarterlies (there is a problem there too which I don't want to elaborate on).
You claim it's "quick and dirty" and a "rough guesstimate" then...
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