All,
You can interpret BHPB's entry as a positive endorsement of the prospect but the only winner here is Woodside who have picked up a 25% free carry for shooting some seismic.
This reinforces my view that junior oilers who raise funds for 3D seismic (MEO, FAR etc) are much more likely to farm down on more attractive terms. Had CUE paid for the 3D themselves, they could have BHPB funding a 60% free carry here instead of the 35%.
Lets hope the ever quiet Todd board memebers are working behind the scenes to justify the increased quarterly admin. Less than glowing report from Strachan's weekly scribe stating that CUE look overvalued.
All,You can interpret BHPB's entry as a positive endorsement of...
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