Should have waited and read your response first.
I'm with you ... wont get the $750M PV10
My max for equity is the ~$45M ... total offered is $425M (of which $380M goes to bank)
$1.2B is the Capex needed to unlock the $750M per SNDE ... I called that as 200 wells in the model with 80 in year 1.
Simply done as an exercise for different way to value ... away from the just EV/EBITDAX etc.