implied value
You have all seen the valuation put on TLW by Tudor Pickering.
(https://www.cgxenergy.ca/documents/TPH-Tullow-Zaedyusplayopeningdiscovery-Sep09-11.pdf)
This is what the final paragraph says:
"Maintain Accumulate as our NAV moves up to £15 from £13 as a result of de-risking Zaedyus and
increasing the size that we carry it at to 1.5Bboe from 500mmboe, also including the 5 other French Guiana
prospects that we previously carried in 4P in our 3P plus increasing the size of these prospects to 700mmboe.
We have also upped the size of Jaguar to 700mmboe from 500mmboe and increased the chance of success
to 25% from 20%. We carry a $6.2/boe valuation on Zaedyus based on a 1.5Bboe field size at $105/bbl
(Brent) long term and field start-up in 2017."
So what does this imply for CGX: Their share of Jaguar is 25%. At $6.2/boe, and 700mmboe, and 25% chance of success, the implied value of CGX's share of Jaguar is $271million. Its current market cap is $165 million. So no value from Eagle and all the rest...