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The NPV value that FAR quote of US$540m is, if you read the fine print, as at 'first oil in 2023'.

So you need to discount the US$540m figure by approximately 32% (10% per year compunded) to get to the current day NPV.

I am not sure why they quote a NPV figure three years away of US$540m other than it looks better than what that figure translates to today of US$367m which might catch a few people out.

US$367m NPV today equals roughly A$540m. That A$540m equates to 5.16cents per share NPV for SNE.

So summarising, using FARs NPV figure and discounting that back to today gives a value of SNE attributable to each share of approximately 5.2cents.

You can't add any value for the cash FAR currently has, or will have as part of the raise, as FARs NPV figure is quoted at First Oil when most of that cash will have been spent.

This shows the impact the dilution and the financing package has had and why a takeover offer at 10cents may happen.

It was only 3 months ago FAR were quoting a NPV figure of >US$620m, which shows how much the Mezz debt is going to hurt. Somehow US$100m went up in smoke and yet people are saying things are going great....