risk53 -

 Yes, there will be a good SP even if no elephant emerges.

Here's my rough math -

5  wells @ 1500 boe/day (includes and gas)= 7500 boe/day X $80/barrel (market price less roylaities and expenses + the premimum paid for light sweet crude from TN) = $600,000/day

MEO gets 35% (actually 55% on JB#1 and JB#2) so, %600,000 X 35% = $210,000/day X 300 days (allows for down time and repairs) = $63,000,000/year in income.

At a P/E of 5 = SP of at least $1.50

I consider this to be a onservative estimate. I believe that the production numbers will be higher and so will the SP.

= Panamax