sneak, that is some very interesting food for thought and great work on your part. If you run your numbers varying the price of oil, it gets even more interesting. For example, if oil is $50 a barrel what would the share price be, and even more important, how long would it take to pay back development costs?
The unknowns of looking 5 or 10 years into the future and gambling on political, economic, and environmental conditions at that time make it all the more likely that holding out for production royalties is the least likely scenario, imo.
