don't get me wrong the EFS is a very important project to the progress of STX at present, evidenced by the time, money and resources they have invested in the project! Together with cashflow, important to prove to market, STX Mgt has capacity to deliver/manage projects!
But the EFS is an expensive capital intensive play, $10-12 mil to drill a single exploration well soon becomes beyond the balance sheet of STX, even at 27% of cost. Unfortunately the cashflow from wells will not keep up with the spending on the project itself so more CR's ahead in 2014 unless something changes, funded through 2013.
Long term plan of the JV IMHO is to sell down EFS for a free carry to Marathon or similar, get the capital hungry project off the STX bal sheet but retain a meaningful interest - EKA is the best example I can give you.
Permian a much cheaper shale play due to depth, AZZ making it work for them. Infill results coming with shale examination also....
CB at early stage - yes, but the US experience gives all a clear vision of what can happen, particularly as we are so close to Asia for LNG exports and CB has infrastructure. NSW & QLD csg ain't gonna deliver the necessary supply for LNG projects and CB is primed to fill the gap.....
HC
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