What would you sell at?, page-11

CVN, 300 million barrels gross, 20% to CVN make 60 million barrels net, at $10 a barrel that's only $600M, so you could probably say oil in place would equate to $3-$5 a barrel discovery impact to market cap on a back of the envelope.

FAR has a 15% stake in the two drills, the first is a 900 mill barrel target, so 135M barrels net, a bit over twice the size of the CVN net, so not unreasonable to see us at $500M MC if the first one confirms the 900 mill number. Of course, a find at FAN-1 should derisk the SNE-1, so could probably add a fair speculative value to that, considering we've got Kenya to come.

225 mill barrels confirmed commercial could well see us hit the billion in MC, IMO the $1.3b to get 50c is a bit optimistic, but not unrealistic.