my only ever criticism of stx was the terms of the offer they made to wgo. 1.2:1 was insanely good for wgo. In light of the JV dysfunction, i can now understand why stx wanted to buy out the partner for a premium.
Thankfully for stx, wgo did not recognise the value of what they were being offered in what would have been the second deal of a lifetime for them...
The first deal of a lifetime for wgo was when stx offered to pay the cost of the discovery well in return for 50%...
Ann: South Erregulla Update, page-97
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