aed worth 5 dollars

Debt level is only $250mil if you take into account current cash balance and offtake sales in January which wasn't announced.

So...

Sinopec pays $600m for 60%.

AED pays down debt of $250m. Left with $350m cash and an asset worth $400m = $750m.

$750m/150m shares = $5 per share.

So if you want to be negative on debt and adjust range from $250-350 you get a share price of $4.33 - $5.

I think Sinopec has got a bargain considering Tapis is trading for $115 AUD.

And AED have got out of jail so all in all a good outcome.