If it’s just one thing we had to pick..

[“Our development model shows that InterOil would require a natural gas price of US$(0.84)/mmcf for the initial 2 mtpa project to return a 15% IRR”]

Yes, we at first didn’t notice that it’s 84 cents negative either…

Why is that? It’s what you get when you mix killer wells (2277ft and 1175ft of net pay, etc.) with liquids production. Add cheap monetization, and what do you end up with?

[“We forecast the project could expand to 7 mtpa of capacity at which point gross annual free cashflow would reach about US$2.5b”]

Expand that to 11-15mtpa (after all, the design is modular) and you’ll end up with free cash flow exceeding present company value by quite a margin..