Surely not, US$40M to drill one oil well? That has to be one heck of a well.
From memory PSA drilled 3 wells at Vermillion for US$7-8M. Sure Indonesia is more remote than GOM, but US$40M for a well? No wonder Cue did not participate, one missed well would completely wipe the company out at these prices.
I am sorry Andalisa, but I think your numbers are up the spout. And to assume that the recoverability is 100% makes a mockery of the recoverability rates at Oyong.
Also, "1. Will CUE opt to pay $US 24 million to buy back $US1.25 billion worth of production oil in the ground? (No brainer)"
Well given that Cue has only A$4.5M in the bank, I would have though that to find US$24M just lying about in petty cash sounds like a 'very very large brainer' to me.
I still like Cue, but your figures are askew (move over Dr Zeus).
Open for discussion.
hypothetical calculations on jeruk 2, page-14
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