Hi Buddy, all I was stating is that the AZA market value...

Hi Buddy, all I was stating is that the AZA market value includes an embedded asset value of NXS equity that can justify more than a quarter of the current market cap .

PE ratios are worked out on the total market cap ignoring the make up of the assets within .
But, as investors we can strip those assets out for personal valuations .
Take out the NXS asset today and we are left with market value of $321 million.
Strip out the cash and the valuation is $255 million for 40% of BMG, and equity in three other prospects .

As you point out, Sojitz of Japan paid $123 million for 10% of BMG in February (pre sidetrack success of an extra 13000 bopd and pre US$120 barrel prices) .

Based on Sojitz's payment the value of AZA's Basker project alone is $492 million (despite the current market cap being $437 million today). It is for this reason that I could easily envisage Sojitz, Itochu, or another taking a stake in AZA .
Lets face it the seller seems blind to value (and possibly may be a forced seller), but the buyer is not going away .