Connacher Oil & Gas Ltd CLLZF

Partner asset purchase - Discount NAV

[leveraged1]

Dear Wellisitter -
 Please correct me if I'm wrong - but you are talking about a potential partner purchasing a portion of CLL assets at a "premium" while I am talking about such a purchase at a "discount"
I expect we must be talking about different things because - I don't believe anyone would ever consider buying 
Connachers assets at a premium to its net asset value (NAV) which the London presentation translates into a share equivalent value of $4.64. 
If I am not mistaken this full (undiscounted) NAV includes the value of reserves of the company that are neither connected to POD 1 or Algar ( in fact CLL is currently spending big $ right now proving up more of these unconnected reserves). Reserves that will require a large amount of money to be thrown at before they can
in any meaningful way be considered an asset of the company. By way of example - my grandfather owned a gold mine that had enormous proven gold deposits - unfortunately they were located at the bottom in the middle of a sizeable lake. By the time one DISOUNTED the total cost of drilling through solid granite to get there the REAL value of the gold assets - was substantially deminished. The only difference is in our case - it is not the cost of drilling through granite that has to be DISCOUNTED but rather the cost of creating a lot of steam on a very consistant basis in one of the coldest environments on earth. 
So unless the NAV of $4.64 is properly DISCOUNTED it has no real meaning. The question for the potential buyer of a portion of CLL assets is not - whether the NAV should be discounted or not - but rather - how much it should be discounted.
 A premium, as you suggest, to my mind is totally out of the question. I would love nothing more than to be completely wrong on this issue - if I am please tell me why...