Thanks for your explanation, Moose.

It is true that I don't know how this JV has been worked out. My way of rough calculation was, that a 1:1 share offer would lead to GOG owning 40 million shares of the (then) outstanding 280 mln ECU shares, or 14%.

Considering a deal would take place far before any production comes in sight, ECU would today acquire 111 Moz for 14% of company stock (leaving potential resources on both sides out of the equation).

Looking at it like that, it does not sound that absurd to me at all.