It also independently values VPE 60% at $111M...or put another way:
Oil $111M
Cash $59M
ITC $7.4M
AND with a market cap of 223M (incl issue at 37c)
VPE's very valuably CSG permits are CURRENTLY valued at $45M CSG.
Tui has suggested the CSG maybe closer to $300M...meaning another 45c/share could be added from here relatively fast : )
