Yes I think 20c is correct and your right (as others have...

Yes I think 20c is correct
and your right (as others have pointed out) consolidations have the potential to go both ways, imo much depends on the quality of the assets and the quality of activity post consolidation. Hard to make any comparisons with your example without more detail.
Success of this consolidation will depend in part on the ticker of new shareholders and results of drilling program. New managements ability to add value to current resources will be key