I think there is some errors in your calc there Ikeng...
15 - 20 million from Freeport could potentially be in the ballpark but that 140m is actually caught up in the 15-20mil calc IMO.
Initial farm-in deal was cover of 215 million of drilling costs to drill two wells in the permit for which PVD retained 23% interest.
Unfortunately, as we know, the first well was a duster. In drilling it they burnt through about 140 million of the 215 (refer previous announcements) which leaves approximately 75 mil of carry left. PVD interest in this is 23% or circa 17 million.
So actual valuation would be say your 15 + 7 cash at bank or 22 mill, divided by 260 million shares is 8.4c...
Of course this doesn't take into account reversion of Freeport's interest in Mazagan to PVD and other permits held, including the recently announced deal last week so somewhere in the 10-20c mark would be feasible IMO.
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I think there is some errors in your calc there Ikeng... 15 - 20...
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