In a Nutshell The last trade for Cgx wi (4.7%) in N Corentyne was based on a 100% valuation of $330 mil usd. That valuation infers an uneconomic project. It really made and makes no economic sense for either Fec or Cgx to do a deal at that valuation.
So these wi trades at the valuations used make the market skeptical. If we are to believe that N Corentyne is a discovery of 500,000+ bbls, you (Cgx) simply can't make these wi trades at the valuations used.
And that in a nutshell is why we are where we are.
Of course that's all imo.