The deal was $215 mill on drilling 2 holes + 15 million ( brown paper bag)
government has free carry 25 % come what may
about 150 million spent on first hole ? middle of nowhere
so next hole $85 mill max free carry
if that was spent, the split it would be including carrying government’s 25%
PVD 23% $26.1 million
Newport 52 %$58.9 million
And if they got that in cash with the + (6 million in bank approximate )
256 million shares / $32.1 million cash = .125 cents per share cash value, with no value on their portfolio
I would rather the holes drilled but that would be next best
Mazagan Permit and Freeport McMoRan, page-10
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