Ann: Sale of Interests in Cooper Basin, page-3

I am not a regular follower of PGS, but check up occasionally out of interest due to the (now former) JV with Senex, so I will only be able to provide a poor answer to your question "What the hell is left then?", but here goes:
- $18k cash at 1 July
- extra $400k now
- which should be enough to cover PGS admin etc for a year
- an experienced Board
- royalty from USA which seems to generate net $200k-$300k pa
- some debt to repay which seems to require about 5years of PGS USA royalty income
- 2% royalty on the sold acreage (should Senex ever develop it)
- mega accumulated tax losses (near $50M)
This doesn't sound like a lot, but seems to me a market cap of $2M at current sp 0.4c can be justified.
Have I missed anything?
Sorry if I have missed anything - please correct me and add detail.