FAR, page-10

The one thing that long-term FAR shareholders have figured out is that you can't work out the figures exactly.

Happy for everyone to have their own opinion or to throw your best guess at it but personally it follows roughly as:

Our profit is approximately one-third of the difference between the price of oil and the development and operational cost per barrel. This is why Cairn have a NPV figure approx $12-14 a barrel at $70 oil.

Nobody will pay that figure up front. I assume $4-5 a barrel early on and the NPV figure around production. Find 100 million barrels and that's 400 to 500 million bucks value early on or 1.2 to 1.4 billion later on. Get a share of 200 million barrels and double that figure.

Not everyone has the patience to wait for production so many will settle for less. A lot will do a bit of both. Sell some and keep the rest.

In the end, you sell at what the market is prepared to pay and not necessarily what a company is worth when looking at the assets and their potential.

Just my 2 cents worth.