What to expect in terms of the 40% Galp is vendoringGalp is expected to sell 40% or 50% of their 80% of PEL 83. The impact ( no pum intended ) will have a direct effect on Custos' value, hence SEI. If the purchase price is between $1.50 and $2 a barrel for the estimated 10 billion barrel Mopane discovery or $15 to $20 billion, then we can assess a value for Sintana;s 5% plus or minus share. With 400mm shares o/s, the share price would expect to see $2.19 a share. However, after those who are in the war room, perhaps they will go for $3 a barrel, we won't know exactly what the final outcome will be. Additionally, I am only factoring in thre Mopane discovery, not valuing the full PEL, but most likely that has a 50% chance of being included. And then again, perhaps one of the majors will buy out PEL 83, hence Custos/Sintana. Sometimes you can have your cake and eat it too. The other two PELs are certainly worth an additional 35 to 50 cents a share. This is a wild guess. Comments welcome.