The way i see it
ITC is capped at $40m, making VPE's stake in the oil assets worth $60m at a min.
$30m in the bank
$4m investment in ITC
= $94m
VPE market cap $137m less $94m =$43m
The implied valuation of the CSG assets based on early transaction with BOW is much higher than $43m.
itc vs vpe, page-5
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