bhp farms into wa389, page-14

SS,

You might be simplifying WPLs input a little imho. Could it be that WPL leveraged in house skill and knowledge into the seismic, adding value well beyond what CUE itself could do?

Also WPL brought the potential market to the table (apart from the NWSJV possibility) in Pluto. I wonder whether BHPP would be so keen without WPL already in there?

As for any commentator noting CUE as overvalued, well maybe, but I'd want to see the assumptions and basis before buying into that, and I don't subscribe atm, so won't be buying your summary.

CUE has however reverted to being more an exploration stock IMO, rather than a production one, given the increased exploration expenditure and ongoing Maari issues. Although still a few wild cards in there, it does make valuation more subjective.

I can't see how we are not also a winner having BHPP come on board. It has to be further endorsement of prospectivity, and recognizes a higher value for our stake than that recognized by WPL. I'll be happy with 35%, rather than 60%.
EL