merger details out, page-153

A summary of reserves for the 2 companies can be found on slide 16 of the merger presentation.

The TXN EFS 3P figure is $268.9m.

SEA's 3P figure is $304m.

I don't think that anyone was realistically expecting the EFS to be sold for more than the 3P figure.

So, through the SEA consideration shares we end up with 30.7% of the net cash ($148m) + 3P reserves ($572.9m) = $221m.

Looking at it that way, we get/retain 221/269 = 82% of the 3P value of what we are ceding.

So it does not look as bad as it has been made out, especially since there was urgent necessity to drill to hbp and SEA's cash and debt facility should be able to fund that.

Sure, I'm disappointed that we didn't get a quick fix at about $1 but SEA's reserves are scarcely valued by the market either. Most of their mkt cap is represented by cash.