NPV and acquisition price are invariably not linked. I know that...

NPV and acquisition price are invariably not linked.

I know that a fully realisable value maybe $10 / barrel, but I wouldn't even quote this as assets are at very different stages of development.

It would be far easier to assess what the COE sale would likely be for, if you base it off similar asset sales. I think you will find most West and North African sales are processed for appraisal assets at between $1.50/$3 / barrel based upon risk factors, hence my statement that COE would likely get closer to the $1 range if they were to sell now, but would get more once they have proven commerciality.