"And that is only first phase....who knows how BIG the field...

"And that is only first phase....who knows how BIG the field will be over 15 + years."

A few things need to be taken into account here:

1: The the net free cash is based on US$65 Bbls, we simply don't know what it will be in 2023 or over the life of the field.

2: Regardless of how big the field is it can only produce daily what the FPSO can cope with, so size doesn't change the yearly income initially, only increase how long it's maintained or the life of the field and life of field costs in general...all fields decline over time and stage two is looking at maintaining 60-80,000 BOPD.

It's why I hope there is provision for increased capacity with the FPSO , an increased recovery rate only means you could potentially produce from less wells and over a longer period ( reduced Capex certainly) if your constrained to 100,000 BOPD...basically the more you can produce initially the quicker you can pay down debt..
The size of the field certainly has more immediate implications if one was selling the field but untill these wells are flowing recovery rate will be uncertain...

3: If a cornerstone investor is involved it also means more shares on issue , or alternatively if they reduce WI it means less income and IMO it is the main reason for a subdued shareprice, once all this is finally known , including PE outcome , is when we know what we are likely to go into production with in terms of shares on offer and WI, it will also likely be a time they consolidate shares IMO...it's just the Oil price and any exploration results that have to be taken into account after that....

Cheers Whisky