I think your right that need to be cautious of my views as lack...

I think your right that need to be cautious of my views as lack of sector experience davo. And I have said before that my short term view here is probably ignoring the more important broader revaluation of the stock as you say.

As for fair price, that is difficult to say. Even if you study comps, its a bit of a unique situation. Bit of guess but I do know that buying stocks on stories that aren't backed by current cash flow and have unclear economies of extraction can be dangerous. MAD over a dollar was good example of that.

I know BCC will be desperate to drill Cosmo with current structure. The question is whether Bluecrest are as keen as their risk/return is very different.