What I was referring to was that the metric for the actual % of the Derby block as an isolated part of that deal was first applied by FMG. As mentioned in the post I wasn't talking about the 18% stake or the drilling free carry that actually made the deal worthwhile. Just that Buru then went "Oh disregarding that other stuff in the deal 25% is $1.75M, we'll offer $3.5M for Backreef's 50%" and then OBL offered OXX the 25% at $1.75M without all the actual good parts of the FMG deal. Never meant to imply the whole deal was valued at $1.75M at all.
Good post in that other thread btw. I never really counted the options given their strike price but felt like the 18% stake should have some reflection in the cost, at least $3.4M of the $4.2M to account for the 18% dilution back to themselves. I had the OXX deal at least about 8.7 times worse than the FMG deal.
OBL Price at posting:
1.9¢ Sentiment: None Disclosure: Not Held
