acturtle

You put a 2 cent value on Magnolia according to ARC purchase price. If you had a 1 in 4 chance of finding a field with a rough sale value of around $200 million, based on previous sales of oil fields in OZ. I am sure I could find somone that would pay more than a couple of million dollars for it. Even if is a 1 in 8 then I am sure that we could find someone willing to pay more. You have to remember that what AWE paid was a medium oiler purchasing from a junior spec oiler. Groups like AWE, ARQ, HDR, etc have stron bargaining power due to their size. That is why they got their share so cheaply off of Adelphi.

I am not having a go or anything, I think that only paying 2 cents for a 1 in 4 shot at $1 is definitely on the cheap side!!!!!