Small correction (you cant apply the 80% until after the psa and farm-in) and my view:
On your calcs - total worth $20.3 B
We own 80% of geo-associates which currently has 100% interest.
So PSA gives government 50% (assumed) of TOTAL of $20.3billion
Leaves geo-associates $10.15billion
I assume 40% farm in dilution leave $6.09billion (your assumption of 10% gives 9.135B)
Our share (80% of the JV in geo-associates) = $4.87B (your assumption of 10% farm in give $7.38B).
Lets see how our assumptions go but regardless they are big numbers
Ann: Invictus Energy Shareholder Briefing, page-182
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