PE Preliminaries, page-50

The company’s value has fallen some $350-400M post Samo.

We will never know of course, but I doubt the fall can be wholly attributed to Samo failure especially given that oil fell from around $85 to currently around $65.

if you take the 30M of P1 reserves at $10 npv at $70 and conservatively say there was an EXTRA $10 profit here allowing for increased sharing to Senegal Govt, then you can argue the fall is justified almost completely based on oil price decrease.

Consdering these are US$, then maybe the fall should have been greater! However, the SP should also have been much greater than 13c in the first place using this method plus 2C and other developments.