ABC controls oil leases. It is considering the construction of an oil rig at a cost of $524 million. The price of oil is $124/bbl. The extraction costs are $74/bbl. and will remain the same in the future. The rig will produce an estimated 1.2 million bbl. per year forever. The risk-free rate is 10%, which is also the cost of capital. Suppose that oil prices are uncertain and are equally likely to be $144/bbl. or $100/bbl. in year 1. ABC can start the project now or in one year. Calculate the value of the real option to postpone the project for one year.

[round to 2 decimal places and report the answer in million. For example, if the value of the option is $1.5Million, write 1.50.]