Agreed, but at least they sold down to 30% fairly early. I seem to recall quite a few posters here, or maybe it was on another site were keen for them to hold more.
Imagine if we'd tried to do it 100%.
Kupe is bad enough, it will recover capex, and probably a reasonably return on the development cost over time, but maybe little more. Very little reward for the original exploration, nor for the poo increases during development.
Both Pike and Kupe might deliver brownfields reserves increases given time, but an investor shouldn't be dependent on that for reward.
Compares reasonably with the ASX oiler herd, but that is not saying a lot is it? Better upside in CUE or HZN atm imho. Tui is yesterdays story.
EL
Ann: Quarterly Activities Report , page-7
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