Just do a comparison with MEG EnergyMEG has market cap of 6.7Billion.
Only produces 108K barrels per day
Has more debt relative to equity.
Has less lifetime reserves.
etc.
I think Strathcona's 8.6B initial market cap to be very conservative.
It should be more like 13B if it were to be priced like MEG (11 PE ratio).
So, 13B*0.09/280=$4.17 at todays WTI price of 80$US