I'm a bit disappointed by the terms of the Moroccan farmout being only a single well commitment given the shallowness of the water but this is two farmouts at a time when farmouts are tough to come by and assurance that our prospects will get drilled .
If Either hit , there will be plenty of money available to commercialise the prospects .
End result is about a 35% chance of a ten-bagger and money in the bank to find the next opportunity and thereby de-risk .
Eve Howell has said that she is looking for lower risk projects onshore Africa .
Perhaps she can get us say a 5% farm in on multiple chances to hit the jackpot .
The portfolio needs a more balanced risk profile and this helps provide the money to achieve that .
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