most undervalued oiler on the asx....., page-7

There is no way the asset has quadrupled. In fact you would be lucky if it has even doubled. At 2.5% you have totally no say in the running of the show at all.

The operator has consistently under delivered on its production promises (I recall 16000 bpd was constantly talked about for quite a while) and the project really has spluttered along in a very piddling manner.

Only now when the oil price has gone up considerably in recent times is this asset worth more. However, if they tried to onsell it, I am sure the JV would step in and take it off them, but ask the JV to buy it off you in your own right, they would say "why should we" or offer an insulting price for it.

There is a long way to go. And with all the drilling going on at present (successful as it may be), their cashflow from this will dry up for a while.