So Southern Star had 3,700 acres but 8Mboe of 1P reserves.
Northern and Big Star had 15,000 acres but nil reserves.
How on earth can you value Northern Star on the metric of EV/acre when they are anything but comparable.
Then below - the low range of the Northern and Big Star is $247M AUD. Any coincidence that Wade offered $247M (albeit in US).
From the convenient mis-alignment of the word 'Net Reserves', to the numerical coincidence, to the timing of executed transaction and proximity to noteholder expiry date. Bit much for me....
AZZ Price at posting:
50.0¢ Sentiment: None Disclosure: Held
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