tullow's version, page-3

re: tullow's version - you little ripper :-) Interesting analysis below places area value at AUD$0.55 even assuming this well non commercial. I think it is too early to state it is non commercial though.


This is an extremely encouraging result and is a big move towards the establishment of a new oil province," KBC Peel Hunt told clients, reiterating its 'buy' stance on both Tullow and Hardman.
It argued that on a standalone basis, the Mputa discovery would not be remotely commercial, but the well provides encouragement that there is live oil and an effective sealing mechanism in an area that has long been known to exhibit oil seeps.
KBC added that although it is too early to contemplate a value impact, it suffices to say the acreage and prospects are large.
It noted that although Hardman's interests are only in Block 2, the impact on the group is clearly larger than for Tullow, given the relative market capitalisations and would place exploration value of 22 pence per share on Hardman's acreage.