Nippon had their chance at the same time as Apache, when Apache agreed to increase the free carry to USD70mm in exchange for the option for 40% (per announcement 24 Dec). I can't see Apache now wanting to reduce from what to them is a measly 40%, certainly not cheaply.
Nor can I see us, Carnarvon, wanting to farm down our 30% now. With drilling Roc costing us little we should have enough cash to pay our way through a third and fourth well I'd have thought. Some time during all that excitement should be a good sp to do any CR from, which would be preferable to farming down imho. Anyways CRs are good for brokers and a good time to feed those with snouts in the trough, so CRs normally do happen.
In our case we might even have a better option, of selling our remaining 20% in Thailand.
Happy to have Apache as Operator fully aligned with us. I couldn't care less about Nippon, they are only an investor.
EL
WA-436-P & WA-438-P, page-5
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