Here is the link for those interested
http://www.cottoilandgas.com.au/files/2513/9043/7022/Cott_OG_Research_HD_Capital_22_01_14_FINAL.pdf
The report suggests Pandora should be worth $2m per %point giving CMT about 52c a share after paying EIS
As I said I was working on a worst case scenario but was worth going over the above report for a reminder of the potential value of Pandora