Actually that was wrong. Statoil is taking a share of EP 103, EP 104, EPA 213 and EPA 252 which are all 100% Petro Frontier. So that brings the value to us down considerably.
Also, when you take away costs of exploration they should pay for their share anyway, it works out they will only be paying to Petro Frontier $60m for the 65% stake.
So if we say Petro has roughly twice as much prospective land as Baraka, it would value our stake at about $15m. Not so good after all...
BKP Price at posting:
1.4¢ Sentiment: Hold Disclosure: Held
