That's an interesting hypothetical. Doing a simple thought...

That's an interesting hypothetical. Doing a simple thought experiment, you'd assume that FDR would have maintained an interest in Dorado 1.0, either by way of funding it's participating interest in the drill via the capital markets or more likely selling down a portion of equity to Santos in exchange for cash and/or STO shares. We likely would have graduated to and maintained a similar market capitalisation to CVN (AU$300m). FDR would have gained significant value from its equity in STO as it roughly doubled in share price since that time, plus regular dividends. If there had been a capital component then FDR would likely have put that cash to work to advance numerous other projects as well. Another potential is that FDR would have sold its remainder of the Dorado equity stake post drilling for a significant amount of money

I would put the hypothetical market capitalisation at between $200m - $600m

Good Question.

OS