Ann: Woodside Enters Into Exclusive Option on Namibia PEL 87, page-151

Wasn't any point selling at this point in the game even if it went up a few pips.

Was trying to work out whether the 1.5% royalty for sticking it out was a good deal if we had issues selling a big find. I think it is as in the right circumstances our shares could be worth up to a dollar a share over the life of the field from that measly 1.5%. The advantage is that you avoid all the upfront development costs that kill a junior. Assumptions like being able to recover half of what Total is believed to have found plus approx 7.5 billion SOI is assumed on the pic below.