Its been great to read the speculation and I have my own given I work with an ex BHP guy. I believe BHPP would be looking to farmdown their share to about 30% by bringing in a good deepwater operator with muscle to take operatorship and thereby decrease their cost/risk exposure. For that the new partner would pick up the cost of the first well and then it would be pay by share or something to that effect. The ideal partner would be Shell. The whole farmdown would be justified as part of BHPP's strategy of reducing expenditure.
Any other side deal where Otto decreased its exposure to SC55 future costs in return for upfront benefits (cash) I think would be good for Otto as they need to get a more diversified portfolio of prospects and assets. SC55 is so significant even 15% is a big slice for a junior.
Of course with BHPP pulling out of India something out of left field cannot be ruled out.
What amuses me is how many nervous Nellies are on the Otto register! My bet is a share price lift - which I think is about 60/40 odds.
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