FHC, your valuation is the basic oil company approach. If NWE were to sell these permits today a buyer would value the proven resource only (roughly 3% of the likely productive acreage so far). They would regard the potential upside in the permits as their gain not the sellers. This rarely happens and is normally from financial duress. Such a price would be even less than what you have suggested.
Fortunately NWE has no intention of selling nor is it under any pressure to do so.
The higher prices mentioned in posts reflects the possible upside in the permits from onsite work done to date. These prices are a derivative of the FAL* formula and differ from individual to individual depending on the size of their shareholding.
* how many Ferraris And Lamborghinis you can buy.
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