RE:$100MM USDWCP, 3 months ago on August 12th I responded to Taal re the 4.7% wi transfer as follows:
"Taal, both companies agreed to a value of $351m for N Corentyne. That's for the entire JV ownership (100%). The extrapolated value for Cgx's 32% share (ie the value of cgx as a company) was extrapolated to be $112m. $112m / 335m shares out = .34 per share. If the 4.7% is transferred, cgx value is .28 per share....."
So here we sit at roughly 28 cents. Are we to believe that Fec paid Cgx $16.5m usd for 4.7% wi based on a reasonable value? Or are we to believe that N Corentyne is worth way more?
Until we can get a decent reserve estimate, we'll never know. I certainly don't.
WCP, you did quite a bit of reserve work a while back. With the new NR and the info contained therein has anything changed in your mind regarding reserve estimates? Your thoughts please.
All imo