1st mkt valuation finally!AUD208mil for 105total Bedout =...

1st mkt valuation finally!

AUD208mil for 105
total Bedout = 2.08bil

here's the slightly subjective bit given the different permit %'s (20%Dorado/30%Pavo)
Exactly even value for Dorado and Pavo would be easy maths at 25%
With Pavo less barrels but very high POS upside with undrilled Pavo south, I'm going with us owning 23% of total project

= 478mil to CVN
+ 98mil cash
= 576mil

=32c/sh

ascribing nothing to any other permits

Notice STO said today FID was deferred to undertake more work to integrate Pavo which sounds more positive than the inflation reasons that've been the go to line and tbh I always thought the metrics were knock it out of the ballpark IRR so the inflation thing was odd if POO stands up (and I've got bets on that too )

highlights the importance of the NOPSEMA approval - this was obviously a requirement by CPC for the deal to happen

Extra cash and less funding required kills cap raise drag on SP

Scooped up some at 16.5 - good luck