1) Our new JV partner, Arrow, now owns 11% of FEEC and paid over twice the current share price. I'd say that means they have a vested interest in FEEC succeeding. Shell owns 10% of Arrow, so this goes all the way to spending Shell's money. Arrow didn't do this without Shell's approval.
2) As I posted yesterday: per my calculations, post-JV terms, we still have P50 "recoverable" estimates (these figures are FEEC's share of the field, not total field estimates) as follows:
0.88 TCF in Quinnan (16% share, Arrow operator) 1.60 TCF in Shouyang (66% share, FEEC operator, Arrow owns 11% of FEEC) 0.96 TCF in Yunnan (60% share - FEEC operator, Arrow owns 11% of FEEC)
Total 3.44 TCF translates to roughly $3.44 billion market cap during the production phase (See Cabeza's blog or search Seeking Alpha)
180 million shares outstanding and $3.44 billion market cap = $19.11/share in production. That is 76 times today's $.25/share price.