Ann: Zapato-1 Drilling Update, page-253

I hold 20 mln options and still I think your statement is invalid.

His maths is not correct as he should have x by.63 for recognition that it is a PSC. No one here knows the correct figure but that is a consensus figure IMO. I work onAUS $25 igv given poo and onshore etc. So these figures are very flexible.
H/E the Alameda and Mari targets will have a least the same recoverable oil each, so no need to worry.
Further, as you say an NPV is not to be confused with the SP but that will depend largely on production. All of these issues will be resolved soon.