Agree the BHP deal was decent. These are former BHP assets.
What you say could be true, and of course it’s possible that this 10 million boe of annual production has a near zero value once the royalties and decommissioning costs are taken into account. Maybe we can be grateful for the $0.17 per share firesale value. In that case, management can give us, their employers, at least some of the numbers to back their decision.
Let’s also take a look at the counterparty here. Perenco are a wily, private multinational equivalent in size to Woodside. It has operations in T&T already and knows it well. The founding family still controls it and makes these decisions. If we had to back them or Meg O’Neill in the capital allocation stakes, I know who my money would be on.
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