There are quite a few small oil and Gas companies on the asx or previously on the ASX that barely survived an asset write off. Eg NDO, Hardman, NXS and AED. All farmed out and developed a modest/small oil discovery which went south.
It's a risky game, even experienced operators get it wrong but it's prudent to lower risk and have several assets to lower risk.
Ann: Buffalo Project Update, page-16
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