evans shoal transaction history, page-3

Iam
Thanks for that, was expecting any reply would be from you.

Typical complicated Albers stuff.....

The asx release you provided dated 09-04-2001 nails down a clear transaction price.

"Further to the announcement of 9 April 2001, the Company confirms that, subject to the necessary ministerial approvals required pursuant to the Petroleum (Submerged Lands) Act, that it has completed the acquisition of an additional 25% interest in the Evans Shoal permits (NT/P47 and P48) from Shell Development (Australia)
Proprietary Limited for a total consideration of US$25 million."

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=text&issuerId=4516&announcementId=675486

$25mil for 25%, grossed up = $100mil for 100%, in 2001

AFAIK, since that time, only one well has been drilled, Evans Shoal Sth by operator STO, in 2006
It was a fairly ambiguous result

http://asx.com.au/asxpdf/20060724/pdf/3xnl2p4488hkt.pdf

Current ENI transaction is $250mil for 40% which grossed up is $625mil for 100%, or 6x the value implied by the 2001 transaction.

That's a fairly encouraging premium for a high CO2 hydrocarbon discovery.