30 % working interest
less X factor of 23% and 8% base royalty (31% total)
30% x 0.69 = 20.7% after royalty interest to PDQ.
heres a reasonable scenario for Loto-1:
if they hit 3k bopd on a future successful well, it is worth 621bopd net. Assuming they drill 2 appraisal wells (could be done ASAP as they are already permitted), that's about 1,850 bopd. At $70 net backs, that's worth in the neighborhood of $45m a year. On a conservative flowing barrel valuation that's about 45,000 x 1850 bbl/d = $80m vs current market cap of about 45m. E Rey time they take a shot at this, it ousts them between $3-4m. Pretty reasonable risk reward ratio.
plus you get some blue sky potential with Dorados. Also plenty of cash and Tacacho as a long term potential.