Hotfire, I think in your 8.5c base case you have not included to value of the 40% of the project they retain. Applying $6 per BOE to the 52m x 40% x 6 = $125m. Therefore the base case is ($220m + $125m) / 2.9B shares = 12 cents per share. The cream is the value of phase 2 and 3 which are now technically funded by stage 1.
Hotfire, I think in your 8.5c base case you have not included to...
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