Looks like COP want to chuck all that 80% of the next $125m at P315. They want max bang for their buck. 314 is obviously not as well explored so higher risk. In the capital constrained world we find ourselves in COP are just playing to the odds. They will still be operator , so we still get world class experience when we decide to drill Grace , and they will pick up 10% of the bill. For COP P314 upside is nowhere near P315 , so makes sense. For us the upside at Grace has far greater impact so worth pushing.
Comments made earlier about COP thinking that P314 has enough may well be closer to the mark than all of us think.
Cheers
Baraka
why is conoco selling us 50%?, page-17
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