I maybe looking at this a bit to simply;Excluding any upside...

I maybe looking at this a bit to simply;

Excluding any upside news/discovery or proving up of the resources;
If all the September options are taken up &
also assuming that CNOOC 13% placement is approved

then

the total shares on issue will be approx. 650ml
So for this theoretical exercise and based on current price of 9.8c (417ml currently on issue) plus -
all the options exercised at 10c - plus
placement at 17c -
then the average of these SP's is approx 11c per share as at todays view point.

Appreciate if anyone can offer their view on this way of interpreting where the SP should be as of today considering all the above.