I think people just reevaluate their investments and decisions as time goes along. The marketplace is just very different from a year or two ago when we were expecting a buyout. You can't isolate a project from context and you can't isolate a bargain or a purchase from the market as a whole. I'm not as low as $1-2, but $2-3 seems reasonable, $4 seems possible. $5 seems farfetched at this point.
It's easier when you think of it in, not what we get but what they're paying. Every dollar is about $400million. Given that even at the higher valuations (5% and ROV) we're at less than 3B, it's hard to get past $3 as that's $1.2B they're paying...Given that they can get 75% for ~300M...
A lot of earlier predictions were when we were "conservatively" at 2B NPV and thought that we'd have a higher NPV with "all the work we had done".
Still undervalued and no point selling now, especially if you're underwater...but the 5 bagger potential seems less clear.
