34232 U can do a timeline comparison for FAR & HDR as they were...

34232

U can do a timeline comparison for FAR & HDR as they were around at the same time.

HDR did the hardyards by picking up the permits & then getting WPL onboard and then the musical chairs began with ENI dropping out & WPL buying that equity & selling a bit to HDR who then flogged it to BG & then the 'discoveries', DoC & revised PSC 2 months into production for a generous US$100mil bonus to the govt & the resource downgrades thereafter. That just made the whole episode a dog's breakfast.

The FPSO has a yearly contract renewal so is sitting there. 5k bopd in the current price enviro for a low cost field must still b okay for Petronas to hang around.

Wherelse will Petronas take the FPSO next, Morocco where they give explorers a 10yr holiday in case someone finds commercial oil offshore!! Cant think of any other oilfields producing north of Chinguetti frankly. The one to the south is in Cote d'ivorie, the 23API Baobab where the Cajun Express was drilling infill wells.

U r right the 'dome' was small faulted and compartmentalized like hell. However Tiof was the biggst disappointment with its 2P-100mmbbls gross downgrade, avg 30m net, 100m thk gross sands, 32API oil.

Geez Eagle days!!! Man that is vintage. FAR have been in bed with every stock on the ASX as a JV partner. With VicPetr, with WPL in WA, STO in PNG, EGO at Stokes Bay & then there was China, Louisiana, California (ie eagle). They have finally hit the motherlode at SNE. 70c during the 1987 wall street crash was the 'high' for FAR.  

Noticed the subtle analogy to OSH in the recent AFR & SMH articles by Angie.

In 1995 OSH were merrily a A$490mil mktcap stk with 7.5% interest in PNG. What she missed out was how it all changed in mid-1998 when JV partner BP sold their share for a bargain A$118.6m to OSH. Oil was US12/bbl how can i forget that event. It was in '99 that Woodside picked up 56mil shares in OSH (also did the same with HDR later on). And then the master stroke with the acq of Orogen. That made OSH a A$1.4 billion dollar entity on the ASX. Rest is folklore stuff, ie taking over as Operatorship from Chevron & pursuing a vision to be a A$10bil Mktcap company. ORG did the same thing by acq Contact Energy for NZ$1.65bil in 2004.

Point is who will buy FAR, it has to b one of the International mob or 1 of the JV partners to exercise their option. Time will tell i guess.

Wonder how TUL will assess its option to drill in Namibia, Galp & HRT drilled 3 dusters in 2013. First well Wingat-1 was was like FAN, thin sands with no OWC & 4 oil samples of 38-42 API oil, non-comm. The other two were water wet, Murombe & Moosehead-1. So hope TUL can drill Albatross or 1 of the other FANS it mapped. That's all for now. More nxt week.