Very conservative? Hardly. That matrix chooses to ignore Non-Product-related cost. All it assumes is the $10/barrel, or $15, whatever. He is burning 1M/month or /quarter... what about that? what portion of that will remain as non-product cost, not part of the $15/barrel? I would think quite a bit of it. Pro forma analysis is alot more complicated than that spreadsheet would have you believe. Most of it. And a P/E of 100? Please...
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