You have covered the range very well Lets look at the Reality...

You have covered the range very well

Lets look at the Reality Gaps(RG) relative to close $0.68 2/3/10

Broker Low RG = $1.17 - $0.68 = $0.49

Broker High RG = $1.50 - $0.68 = $0.82

STO Buy-In RG = $1.00 - $0.68 = $0.32

STO 2P Cost Benchmark
= (988E6 GJ x $2.79/GJ)/865,224,422 = $3.19
RG = $3.19 -$0.68 = $2.51

so we have RGs from $2.51 to only $0.32

now the speculator in all of us looks at the $2.51 RG and wonders if that will be closed ?

what confidence do you place on the above valuations

Broker 1 and Broker 2 ? - any involvement in ESG capital raisings ?

STO's intent - seems to be to simply hold the ESG animal tied to the tree to do with as they please. To achieve that they were prepared to pay more - so the $0.32 RG they paid is justified by that optionality they now have

The other 2P RG is invalid as the denominator is in reality the Resources they have harnessed not 2P - so the $2.79 is a factor lower