awss,3P oil includes 10% probability stuff, and the market also...

awss,

3P oil includes 10% probability stuff, and the market also knows that the margin on any oil produced by the JV likely to be little more than 10%.

Anyway even if the market is saying ALL CVNs EV is for the JV oil that is only $115mm, a mere 2.5% of your irrelevant dreamland $4.67 bn.

For the "potential" of Warro the realistic sales price is about $8/mcf, it's WA prices that apply, and the 2.5% is after costs so not like the oil at all.

Reserves credibility and costs are the issue here, and in the case of Phoenix the farmdown loss.

I stand by the figures in my last post as illustrative of the realistic potential of success at Warro.

Patience seldom works with oilers. I am hoping it does here at least in recovering some losses.

EL