what have we factored in 10c sp of meo so far?, page-4

""In that 10c price, we have 20% of Artemis. PBR will pay and spend nearly US$250 million dollars for 50% of Artemis which we have already 20% of. That means we have a USD 100M value at Artemis before finding gas. That gives us another 21c per share value.
18c + 21c makes 39c --->>> This is the real value for today.
""

Just a comment about your figures.
Prior to any exploration success, PBR are paying USD80 mil for 50% of WA360P, not USD250mil
The full USD250mil is contingent upon results of Artemis-1.
Therefore, "prior to exploration success", I would argue the fair market value for 100% of WA360P is USD160mil, based on the PBR deal. Therefore MEO's 20% stake has a fair market value of USD32mil, prior to exploration success.
Obviously the risked value is much higher and this will kick in as spud gets closer.