Re the Senex offer by Posco at about $810m I thought it would be interesting to see what value they are attributing to it and Senex's reserves. A quick look at their website shows their reserves as follows (interesting to see the 'stairway' and that STX/WGO could be pretty close to there in 2 yeas?) and that they are supplying 50Tj/day. Obviously production is ahead of STX, not sure about well production / cost data, etc.. but I thought it interesting, as it suggests the JV would be worth some $800m when it get's reserves up, so maybe $450m now? ($243 to STX and $207 to WGO)...allowing for the TO premium. WGO seems to be priced there or thereabouts. STX trading at at a premium, possibly reflecting SE, Haber, etc... Neither priced for reserves upgrades and STX not given much COS at SE or in getting Haber up.
Interesting Article, page-35
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