Its not often that I have a different opinion from both Laz and Doc on 88e, but the farm out is the big SP mover for me.
Yukon gold and Winx are small potatoes in 88es portfolio at around 200m barrels combined(88es share), while the HRZ and prospects fed by the HRZ source rock are well over 4 billion. A major buying into the HRZ story is the validation I am looking for. It means true independent and critical expertise supports the play. If 88e only get a 10% free carry on the project its still 400m barrels
At present there are concerns over both the HRZ unconventional and conventional as they are linked. The identified conventional traps are said to be filled to spill from the HRZ source rock, so a high gas to oil ratio in the HRZ could manifest as gas in the conventional traps as the gas will displace oil spilling it out via the bottom seals as they are filled to spill.
Having said that I do support Daves diversity strategy in exploring Yukon and Winx as they are from different source rock, but they are new plays with higher risks or lower COS. So effectively like starting anew
Ann: Operations Update, page-51
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