Delfin Midstream/TGLO (TGLO) has 441,480,473 shares outstanding of which Delfin Midstream owns 312,825,952 of them. This means the public float is 128,654,521 shares or 29.14% of the shares outstanding.

We believe after a Final Investment Decision is made and Delfin Midstream merges into TGLO, they will dilute TGLO in such a way that today's float will equal a smaller percentage of the overall company... most likely in the 5%-12.5% range.

This would equal shares outstanding post-merger of between 1,029,236,168 and 2,573,090,420.

Based on our belief that Delfin Midstream is worth approximately $5 billion this is how we estimate a valuation of approximately $2-$5 per share for TGLO if a positive Final Investment Decision is made before year-end.

Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. This message is not a solicitation or recommendation to buy, sell, or hold securities. This message is meant for informational and educational purposes only and does not provide investment advice.