My view is that Mauritania is the most interesting exploration province in the world.
Miocene-era salt domes ... either of them is worth going after, both of them together is worth paying a premium for.
Basically, the partners punch money in the whale pasture in $40m lumps. If they miss, you do the money. If they hit, you own 100 mmbl+ fields, which with oil prices as they are, have to be worth a cold billion apiece.
Hit one in ten, and you are making money.
And the partners are doing a lot better than one in ten.
Ian Whitchurch
PS Wildcats miss. Deal with it, or dont hold oilers during drilling.
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