MMR (via advent) is raising 27m for drilling fish. Post raising MMR will hold just over 50% of a 'fish-funded' advent and thus just under 43% of any fish discovery. This is just over 2.8 times BUY's stake and, given MMR will have say 200m shares post raising to 560m for BUY (or another ratio of 2.8:1), then you would expect purely on Fish drilling for MMR to trade at roughly 8:1 BUY. As I said above, I have excluded other PELs (and MMRs tax status) from the BUY:MMR comparison as I think the very sharp parallel rise of their SPs indicates that its all about PEL 11 and the excitement of the Fish well to be drilled this financial year .
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