"asxbull=If you sell each assets individually can you recover more than 27m"
If your doing a bottom out scenario then realistically I expect TS (with Env. approvals) to cover that in multiples if sold bare-bones so to speak. The value I see in it is not only it's location and approvals, but in infrastructure costing with the ability to have the hubs built o/s and added to as required. Not having to invest in a FLNG or tie back to Darwin.
Of course any sale is only determined if there is a buyer, obviously more than one contender is preferable. However, nothing new there that we all don't already know.
If you are speculating then ENI, ConocoPhillips, possibly SK may fit such positions, depending on their success rates in the adjacent/nearby area's Evan S, Caldita, Barossa, Blackwood/east and the ever elusive Heron. The higher the success rate then prospectively the higher the value IMO.
At the end of the day, TS is a hard asset, where the farm-outs and drills are speculative and will add to the SP accordingly on farm-out cost recovery for one and success/failure for another.
The only thing with TS is that I don't expect any progress with that until ENI has finished with Evans Shoal appraisals and possibly Blackwood before we may see any FID with it. In short some time 2014 all going well and Murphy doesn't rear his head.
Too many variables in play and coming up to place a true value SP. But as I said, for my money I see TS as a possible multiple variant of it even sold bare bones. On MEO's comparative projections, there may be considerable dollars to be saved in it's utilization.
MEO Price at posting:
6.9¢ Sentiment: LT Buy Disclosure: Held
