Ohhhh, I see what you did. You added up all their targets,...

Ohhhh, I see what you did. You added up all their targets, including ones across multiple countries and compared this to a single well target of another company. Kinda like how people use in-ground value to promote companies that can't get their product out the ground cheap enough.

Once isolated, the respective targets in Cuba are far smaller. The farm-out covers 3 wells but as you can see below to comprise that prospective number there are a lot more than 3 targets. They say their 3 main targets have a couple hundred mill BOE combined (far less than the one target for IVZ thus far).

The beehive target is good size and could be good if the data comes back promising (due around same time as IVZ) but as mentioned, they only get 20% of that if Santos or Total choose to drill. Drilling would probably take place at a similar time to IVZ. If it was onshore, and drilling was therefore a lot cheaper, they probably could have retained a higher % of ownership in the event drilling goes well.