I agree that Quadrant has probably been underinvesting. I can't find any significant discoveries or developments with Quadrant other than the discoveries it has made with CVN.
On that basis, given three years of production has passed since Apache hived off Quadrant for $2.1bn USD, it's value would have fallen significantly below that. Given STO has not bought Q with the upfront payment only marginally higher than the $2.1bn USD Apache sold it for, the rest of the value must come from the assets it shares with CVN.
In summary, the contingent dorado payments are unlikely representative of the value of dorado which some here might suggest.
I agree that Quadrant has probably been underinvesting. I can't...
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