Whisky,
Re "it still belongs to COP."
Right at this minute, I think it belongs to WPL if it's true that WPL already paid for it and that WPL is also paying for the drilling of SNE5. However, if SNE 5,6 has expanded the SNE field to (say 900mil b) and the PE is successful, then the PE is still $440mil+expenses and possibly interest. But it makes it a b!00dy cheap buy/b. That's the way I understand it.
Yes, PC is a top bloke, though will be just slightly pissed off on a successful PE.
KKW
CN do a Turnbull, page-98
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