Congratulation Rebel on the explanation of so call shareholder value of equity at $2.36 per share and that only covers cash on hand ( which converts into debt as it's spent) plus accounts rec and plants and a few other things.

And all based on the RBC Q3 numbers when the Average Weighted WTI was $120/bbl and the Canadian dollar was at par with the US$.

You forgot to say that since then RBC dropped the CLL target price from $5 to $1.25 and last NAVPS I have seen in January was $1.42 (and this include the reserves).

The good news is that "shareholder value of equity" (sorry but could not find this in the dictionary or economics 101) or NAVPS will not determine the takeover target price.

If it ever comes to takeover the offer will be based on the market condition and CLL shareholders determination to let it go.