Jcriddle,
Yes, they could, and they have a plan to do it that they are already carrying out.
The key is that they are creating enough cash flow from the Cooper to be able to make a number of bets ... and raise those bets if they are confident enough.
For example, they paid a couple of hundred thou for a seat at the table in offshore Meditteranean Morocco. Thats bought them 20-32%, depending if they chip in more money.
If that shakes out a big target or two, then even with offshore costs COE could maintain that percentage, while Afrex and Pancon farm down to Murphy, Agip or whoever else comes in.
If it then comes in, then Cooper are looking at a Hardman situation eg decent percentage of a new offshore province.
On the other hand, if the seismic is so-so, then Cooper go 'ah well' and toss a bit of money somewhere else.
Ian Whitchurch
b2 to ian _whitchurch, page-11
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