which artemis numbers to run with ?

Was just reading the Patersons broker rpts on the CUE website and note they value CUE's Artemis stake at $57 mil risked.
The March report details the assumptions.

:According to Patersons, Artemis target is 7.6tcf, NPV/mscf $0.50, and GCOS 10%

:RPS independent rpt commissioned by MOG has Artemis target at 8.896Tcf and GCOS 13%. In their rpt they don't think the DHI multiplier should be used to provide a GCOS uplift.

:Lastly, MEO inhouse rpt has Artemis target at 12Tcf, NPV/mscf $0.50, and GCOS 20% uplifted to 32% using DHI multiplier.

From a trading perspective/BESBS play, I'm looking at up to 50% of the risked value being factored into the respective JV'ers sp as we get closer to spud, around 4th qtr 2010.

The question is, which numbers to run with.

I think MEO's 32% GCOS number is way too optimistic.
They did achieve very good farmout terms with PBR, compared to CUE's Caterina deal with Woodside, however I think thats mainly because of the size of Artemis, 7-12TCF vs Caterina 4Tcf recoverable, not because of a higher GCOS

Patersons are the most conservative but give no explanation at how they arrived at their assumptions, especially the 7.6Tcf compared to MEO's 12Tcf and RPS's 8.9Tcf.

RPS is the most detailed and only slightly more bullish than Patersons. I'm thinking the market will probably run with their numbers, perhaps substituting the 13% GCOS for 10%.

Anyway, I acknowledge a lot of CUE holders don't really care, as Artemis is only one of many assets CUE have, however this is the best thread to get an informed answer.
It actually applies more to MOG which, btw, I reckon is going lower in the short term.