Heres a nice little fact. The value COP assign to the project in the deal shows that they it lower than when they entered a year ago.
From the announcement on 21/2/13 - "currently valuing the project at approximately US$100m" - note the announcement says "the project", therefore talking about the project in its entirity.
Conoco entered into the project for US$109.5m to gain a 75% working interest (if executed at the end of exploration). This means conoco saw the total value of the project as US$146m in July of 2011.
This mean that in broad numbers conoco sees the project worth around 31.5% less than when they entered the farm-in agreement in 2011.
I am not trying to down ramp as i have plenty of the skin in the game. People can make their own mind up regarding the facts and investment as they see fit.
I say again that this announcement did not effect my own sentiment at all however and i am still hoping we hit hydrocarbons.
NSE Price at posting:
19.5¢ Sentiment: LT Buy Disclosure: Held
