@JusadabbleI agree. The Walyering is a simple NPV calculation,...

@Jusadabble

I agree. The Walyering is a simple NPV calculation, but the Gurvantes value is impossible to calculate until the flow rates are known.

In six months lots could change if Guvantes is successful.

TPD Guvantes valuation will always be the same risk/reward equation as TMK so a scrip offer equal to approx half of TMK value makes sense. TMK will then have a "clean" corporate structure to bring on a partner with cash to fund the next stage of the development.

It is possible (yes I know not likely) that the residual TPD simply pays out free cashflow as dividends until an offer from STX re-appears to buy the future cashflow.