re: Ann: Independent review upgrades Block 31... There are positives and negatives but overall I don't see anything to get excited about regarding the share price in the short term.
Positives:
Looks like a JV which will speed up Block 31 development.
Increase in total oil resource (but not reserves yet).
Finance risk lowered.
Negatives:
We will no longer own 100% of the oil if/when we farm in a JV partner.
Future earning potential diluted.
Flow rate on J50 disappointingly has dropped even after stimulation initially increased the flow rate.
So overall there is less risk with a JV but less rewards. I envisage a ho hum reaction to this announcement.
Ann: Independent review upgrades Block 31 resourc, page-10
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