how are you going to play this?

Soooo putting it all together - I mean the seismic, nearology, connection to Wheatstone - then I add in the Petrobras multipliers below, and I think I'll hold until spudding. I figure a week or so after spudding SP could be circa $2.00, then offload 50% which will more than free carry me.

Petrobras mutipliers.
1 - For a first entry into the Australia out of all the permits they could have farmed into they decided on Artemis.

2 - They are obviously very confident about the odds of finding gas, after all they have outbid everyone including CVX and WPL.

3 - You don't go to the trouble/cost/time of resolving complex issues beyond those for a simple farm-in agreement, and analysis and discussion of an integrated LNG project, if you're not confident of success.

4 - If it is Petrobras I reckon that in itself will help us to maybe jump a few places to the front of the rig line.