Ann: SM 71 F3 Well Update, page-11

Byron's net revenue interest is 40.625% and not 50%. Peter Strachan at Stockanalysis says they will earn 4.4 cps in the first year, but has a discounted value of only 14.5 cps. I assume because production will decline rapidly. Share price is either too high or Strachan is wrong as he admits. Note there are 51.8 million options that can be converted at well below the current share price and $7 million outstanding notes, as well as the shares on issue.