hess vs bhp vs the rest, page-12

Hi Modula,
I don't agree with your main assumption. I believe that any deal will be weakened without test results. No oil company big or small would pay for something that only might be there. A bit like buying a house without going inside for a look.
I have seen many deals done in the oil and gas industry. The only possible way it could be done if there is an adjustment clause adjusting the price up or down depending on the final certified proven reserves, compared to the initial buy-in assumptions.
Not many companies including WPL have unconventional reservoir /drilling experience, and in any event that part of the work program is mostly done by consulting firms , so why give up a chunk of ownership to big oil just to get a sugar hit of cash.
Nearly of of the big projects have let a farminee in on the basis that they bring big gas sales to the table, don't want operatorship, and don't end up with a bigger interest than the farminor.Finally, BRU is a pretty handy operator and has some very talented people on the payroll.