Hi Whisky
On my second beer, so it's not yet the grog talking.
I don't disagree with your fundamental analysis: $1.20 and $4.8 billion seems absurd. I'm punting, though, that by late 2016 both COP and FAR will know much, much more than the market about what's hidden under Senegal's waves. One will be willing to pay an apparent premium - knowing it's a bargain - while the other will be happy to accept an apparent premium knowing full well it can't afford to hold out for full value.
OOO
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