New to the board! To me this seems like a no brainer!
Let me see if I have this right:
After PP we will have ~80M shares o/s @$1 for a $80M mkt cap
This gets us 35% of $230M in capex or ~$80M
So we basically get for free
1) 35% of the sunk costs or $37M
2) 100% financing
3) 100% of 2012 & 2013 earnings
4) 75% of 2014 & 2015 earnings
5) 50% of 2016 earnings
6) 35% on earnings thereafter on this tiny prospective recoverable oil resource of 27.5 billion barrels
Amazing!