1. You have to add in the $100m debt funding. If that low.2.$48m...

1. You have to add in the $100m debt funding. If that low.
2.$48m is a tax benefit from UK govt and not able to be utilized to fund anything at this stage.
3.40% of the funding for development appears to be costing Hhr alone $277m.Incuding $100m debt and the $29m cash they will have and $148m from the farm-out (sale of 60%).
4. Then the really hard work starts developing and extracting and selling.

As an aside can anyone explain how the $48m UK Investment and Capital allowance forms part of the 40%. When is this physically paid or is it merely a tax credit?. I also assume that this would have gone to the JV so in reality HHR would have got 40% of it anyway. So why add $48m into the total valuation "paid" by Rose.

5.By the time first production occurs who knows price of product and not discussed much here the quality of the product.

6. Hartleys and Euroz know how to value these projects. At this stage of the process 4c seems about right.

This is clearly a real project but still way too early to work out what it is actually worth..for me at anyrate.