valuation, page-38

CVI has a 40% stake
half of the benefits of this stake are then forfetied
then there are costs
dilution
potential political risk (unlikely - but must be taken into consideration).
why are you comparing them on a reserve basis? i dont know anything about NDO but you already have your ball park NPV handed to you - you know that whatever they come up with it is not going to deviate significantly from this figure. use that as your guide instead of the underlying asset.