EP371 was effectively a prospective 11.8TCF/contingent 1.5TCF stranded asset. Mitsubishi spent $200m on it to get it to where it is now, BRU handed them their 50% in an asset swap for the oil licences and they sold it to Rhett and Ashley for $15m. The WA Govt have granted them an export licence on condition they build regional infrastructure, so with a little more paper shuffling, dotting Is and crossing Ts, it is now effectively unstranded.
Rhett has a proven history of timing the market, check out his 2017 US$700m Permian Assets sale to Marathon. His protégé, Ash is a force of nature and then some.
