On watch, page-83

In my view the NZO problem is twofold...

1. 70% of shares are locked up by OGOG, automatically reducing liquidity significantly.

2. In part due to (1) the Market has not valued the NZO shares efficiently given where we are in the biggest drill this century so far. However, if the SP went north of 85c (which is where it should be right now at a minimum) you would see much more significant liquidity. Many significant long term minority holders would take some money off the table at those prices as per strategies outlined by other posters.

For me, I only wonder how much of a drag (1) will continue to be on NZO's quoted value in the event of a discovery. In theory, NZO should be worth as much as $2B if 15Tcf of natural gas is discovered (if you believe the Citi valuation).
But investors like liquidity, so what would NZO actually be valued at?