Euroz update: Price target $.94 maintained, page-10

re: When Apache sold the Quadrant assets in 2015 for US$2.10Bn the assets boasted ~323.4mmbboe of 2P Reserves (83% gas);

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Sorry but this is slightly incorrect. Here's how it all transpired.  

323 mmboe were Apache's Proved or 1P reserves in Oz (ie 56 oil + 267 mmboe gas).

Sale #1 to WPL :

- 1P reserves of 215 mmboe &
- 2P reserves of 289 mmboe were sold to Woodside from Julimar-Brunello gasfield & Balnaves oilfield.

Sale #2 to Quadrant :

- Quadrant at its inception in mid-2015 had 2P reserves of 222.1 mmboe &
- 1P of 323 mmboe minus 215 mmboe sold to WPL = 108 mmboe.
- QE paid Apache USD 2.1 bil - 225 mil in adjustments = USD 1.9 bil (rounded off)
- By Dec 2016 Quadrant's 2P was down to 206 mmboe.

Sale #3 by Quadrant to STO :

By end of Dec 2017 Quadrant's 2P was back up to 220 mmboe (i.e, 23 mmboe oil, 197 mmboe gas) which is what's been quoted by Santos in their slides.

This overall balancing is b'coz of QE's Reserves replacement which offset the production over that period.

STO didnt specify the total 2C acquired from QE, including the Bedout discoveries.
Hope this helps.