Likely not enough for SNM management. What has been proven in latest resources report. Note these are resourecs and not reserves. I would speculate that a resource would be max $2.00 in the ground. I believe that this resource report will be low billion barrels based on the 2 wells, 3D, reservior characteristics etc.


If 2 billion barrels at $2.00 with26.7% and 811mm shares outstanding this would be just above option prices.


Best case, Aspect sells (or doesn't) , we maintain ownership in GEP or convert SNM to ownership in PSC. Then continue to participate with who ever, build resources and work to converting to reserves. Prove up field and sell prior to Baghdad trying to regain control of Kurdistan and their reserves.

300% premium required to put SNM in the money, not going to happen at these volume of resources.


Sale may work for Aspect but not likely for us.