AOK holders should look at this. SEA is merging with TXN and...

AOK holders should look at this. SEA is merging with TXN and taking on their Eagle Ford Shale assets. Other TXN assets are being spun out as a new company. The EFS assets are being valued at approx $100M and holders of BOTH companies see this as underalued (ie SEA is getting the better of the deal). So lets compare the TXN-EFS with AOK.

(TXN-EFS / AOK*)

Production (BOEPD) (511 /400)

Cash (0 / 3M)

Reserves
1P ( 1.7 / 3.8)
1P+2P (5.2 / 6.6)
1P+2P+3P (11.3 / 13.4)

NPV 10 $ (268M / 389M)

IRR (55% / 97%)


* Bear in mind this is AOK in its entirity, so not all of it is ML. However I would argue by the time we get to 700BOPD, just the ML component will beat TXN's EFS on every single metric.

My estimate of reaching 700BOPD production is within 6 months.