I used the Strachan Corporate valuation for the P50 share price...

I used the Strachan Corporate valuation for the P50 share price and have done some very basic extrapolation of P10 and P90 using the reserve amounts in QPN's February 11 update. Now that I look at it, P10 could actually be higher. These figures only take in to account the Amazon well.



The figures for TNPO assume that you convert all your options and don't sell any before hand.

Here's the spreadsheet if you want to plug your own figures in the blue boxes:

http://dl.dropbox.com/u/6957192/TNP%26TNPO.xls

I just threw this together for my own interest (and to help convince myself that TNPO was the right play here.) No guarantees of accuracy! Please let me know if I've gone wrong somewhere.