Most likely as it's cheaper to buy a discovered asset in a distressed fire sale (i.e. about to default) than to explore and discover fields. Remember when Conoco deal was considered a bargain, here is the break down:
45mil for 15% - From Far (3.46 mil per %)
300mil for 36% - From Cairns (8.2mil per %)
430mil for 31.89% - From ConocoPhillips (13.48mil per%)
IMHO, the purchase is extremely cheap to buy Far and blocks any potential sanctions on the field from Lukeoil. They are then in the position to sell down as a non destressed seller.
WPL@$30, page-90
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$26.87 |
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Mkt cap ! $51.01B | |||
| Open | High | Low | Value | Volume |
| $27.22 | $27.53 | $26.87 | $146.8M | 5.422M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 10 | 19072 | $26.86 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $26.95 | 483 | 1 |
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