Your values are correct. Today. But IPO will only happen if we make one or two steps in the value chain. So, either we are or have drilled. Or we have done the flow testing.
In both cases there will be a multiplier to your estimate. Enlighten me on what you see in value terms for any of those two situations. 1.50 for the first and 3 or more for the second?
Caudrilla IPO - Potentially, page-4
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