Hi guys RIA is an interesting stock and I am seriously...

Hi guys
RIA is an interesting stock and I am seriously considering having a bigger crack. Doubling or tripling exposure.'
I thought I would post some thoughts -open for challenge , debate or agreement.
The C1 202 gazelle phase one development has 14 million barrels of 2 p reserves - given it's defined as development drilling I will give it an NPV of 12 dollars per barrel . The associated gas is difficult to price due to no detail of the sale price based on the mou ( details will be released) but it has significant value but I will not value it assuming its value will go towards capex of the project.( 164m )
The phase two development of 30 million odd barrels ( again I will ignore gas) I value at 5 dollars . They have flow rates but have a higher developement risk due to limited drilling (150 million)
Other assets 40'million ( inncludes accra)
So even if I exclude all gas value ( which is over 100 mboe) place neglible value on permits, exclude all cash I get a base value of 354 million. Equates to price of about 46 with lots of upside.