to task, page-65

WK,

Welcome back, some interesting views. Well earnt TU.

Interesting that you say Artemis will be easier to monetarise, yet you highlight difficult negotiations with Petrabras. Surely as we've seen with Pluto attitude and JV simplicity can jump of field up the queue. Whilst not dismissing seabed challenges (still trivial compared to the ET trench), I'd say that WPL would have examined these before targeting Caterina, and as you say a perfect partner.

PB might be as you say, they certainly have not yet shown any other commitment to a WA presence. I too see a lot of worries there in the event of a success, with ego's wanting their own hub (and govt and resource obstacles to that), but also they might like to think they too can float - a worry indeed. 3 summers could easily become 10. A prudent JV partner might indeed seriously consider selling on success.

Regardless of all that, two very exciting drills, and no doubt they will not be the last 2 we see in CUE's NW WA acreage.

EL