Interesting article given the deal WPL scored for COP Senegal in a competitive auction process.
http://oilprice.com/Energy/Crude-Oil/Why-Value-Per-Barrel-Is-Such-A-Lousy-Metric.html
A common valuation metric for assets not in production is EV (Enterprise value per 2P barrel) - with the price of oil in July being pretty low, the EV valuation of Senegal would be commensurately lower and this asset has no 2P only 2C (Contingent resources, not proven).......
It will be interesting to see how FAR goes to get cash from another player to pre-empt and see if they can negortiate extra % of the pie for themselves given the price of oil and the fact that the reserves are based on models with no proven well decline rate data and no field production data.
Value of an undeveloped oil project
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