Curious on everyones thoughts around A2 ....
1 thing that concerns me is the location of the prior well in that area that was a miss ... before anyone chucks a micky flip at me it is only a concern to me because my knowledge on how geology etc works could be written on the back of a matchbox, however when I look at the location of the previous well it looks damned 'unlucky' that the Sama prospect loops around that well, anyways ignoring this concern what is everyone hoping for in regards to farm down terms?
I look at it and think, provided they are confident then lets hold the whole 80%, raise another $40m and send a drill down (whats another 500M shares amongst friends lol), if we strike oil then sell down a known oil field on much better terms than a prospect. Why? I look at the risk reward; lets say they assign 20% COS, size of prospect is 500M barrells so 80% = 400M, if we farm down say 40% for a free carry on a success case we have then saved $40M but at a cost to reserves of 200M barrels, conservatively valuing once found at say $2/barrel that 200M barrels then lost us a $400M asset, thats 10x what we've saved by farming down ..... I am a bit of a gambler though lol but if you gave me a roulette able with 5 numbers on it (each representing 20%) and gave me 10:1 odds then I'm in .... anyways for mine I hope they don't give too much away, others?
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