Whilst we carried $ 1.1bn in core NAV and c $ 640m in risked upside for Uganda ( including Pelican ) , we always caveated that in reality these numbers would likely be diluted given the huge capex requirements needed to monetise the discoveries , thus the consideration paid by ENI is arguably fuller than it appears . - In our opinion , the proposed return of capital by way of a special dividend reduces the hazard of too much spare cash given limited reinvestment visibility .