Look at the reason plains e&p did the PVD deal, basically a poison pill to stop Freeport t/o
Freeport still did the deal as it wanted the onshore USA lands.
Now Freeport to pay $220 million to drill two deep water offshore wells.
For 50% of the permit, in my view it is cheaper for Freeport to t/o PVD and then can either
1, walk away and not drill, low chance of this option happening.
2, drill one well and walk away if it fails, yep that could happen
3, have success and drill second well.
In all three options it would be better for Freeport to own the whole permit hence PVD t/o is a strong possibility in my view, before spudding.
speeding ticket, page-9
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