Yes the 3375% leverage (or $1.96 total) was for success at all three prospects ie the unrisked total valuation (unlikely but not impossible)
The risked valuation is 21 cents and that includes an 8% CoS for Porters Ranch (not given in my initial post).
Strachan does tend to be pretty conservative so it would be nice if the CoS' were realistically higher. Like yourself, I'm a bit bemused by the relative performance of SGC and XST; perhaps someone on the latter board will give some reasons why etc
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