Basic math has to prevail… eventually I hope! Assuming we take the difference of 514 and 628 mmboe prospective resources, we get 571 mmboe.
Numerous examples of companies paying well above $1/mmmboe for prospective resources when buying a block of land. For simplicity, let's go with $2 usd/mmboe for Maastrichian.
$2 mmboe x 571 mmboe = $1.142 B usd total
$1.142 B usd x 1.35 cad/usd conv rate = $1.54 B cad
$1.54 B cad x 27.48% WI = $423.6 M cad
$423.6 M cad / 338 M outstanding shares = $1.25 cad/share.
End of day, if these losers cannot even get at least $1 cad/share for CGX something is seriously wrong. None of the math above even assumes any value to the port, past tax credits, deeper horizon oil value, etc.
Even for FEC, 72.52% of $1.54B = $1.11B or $12.97 cad/share.
I have personally seen companies with no money sell their oil resources for great money and make shareholders happy. Northern Corentyne is situated right next to ExxonMobil JV for bloody sake and you have a government also desperate for hydrocarbon production.
If De Alba can't make this opportunity work, he should be prohibited from ever being allowed to sterlize any other company again in the future. A group of university students could monintize this opportunity better I have no doubt.