Valuations For Corentyne Block

(all assumptions, simple evaluation, no taxes or royalties, only for comparison purposes)

CGX

Port Value = $335,000,000 USD / 335,000,000 Shares = $1USD  

(1B BOE @ 32% X $5USD per ) / 335,000,000 Shares = $4.78USD  
(BOE/share = .955, BOE/$ = .955/$1.80CDN = .53 BOE/$CDN)

Total Corentyne valuation for CGX = $5.78USD or $7.80CDN

FEC

CGX Share holdings = (257,883,000 X $7.80CDN) / ~86,6000,000 = $23.23CDN per share

FEC Coentyne valuation = (1B BOE @ 68% X $5USD per) / ~86,6000,000 = $61.25CDN per share
(BOE/share = 7.85, BOE/$ = 7.85/$12.46CDN = .63 BOE/$CDN)

Total Corentyne valuation for FEC = ~$84.47CDN 

Friday's close CGX = $1.80 CDN            FEC = $12.46 CDN
Upside CGX = $7.80/$1.80 = 4.33          FEC = $84.47/$12.46 =  6.78 

Hmmm..., and all this assigns $0.00 value to FEC current producing assets which are paying for the Wei-1 drill.

Upside ratio: FEC/CGX = 6.78/4.33 = 1.56

Reminder: FEC does have some intrinsic value (~10CDN/share assigns no value to Guyana) whereas CGX does not. 

So, I ask you, where is the smart money going? OMG, my downside is ~10CDN/share, CGX $0/share

Keep slurpin' the sauce boys...