Hi Ya, agree about WPLs options. I had presumed the quoted...

Hi Ya, agree about WPLs options. I had presumed the quoted Toroso field size was a 2P rather than 2C number - thanks for correcting. Your numbers (5.7 rather than 6) give a boe equivalent range of $2.50 to $4.20 (assuming a 15-25% selldown for >1.5b AuD) which gives a similar (albeit higher) potential valuation for Poseidon of c. $500 - 850m at the p90 level and 1.2 - 2b at the p50 level. I still think a Chinese buyer may be prepared to put down that kind of $$ given the advantages of having CoP as a single partner & operator with an opportunity to leverage its existing Darwin LNG plant for a 2nd train.

The Fred Olsen energy quarterly is useful, thanks. So looks like KAR will get to use the 'Blackford' Dolphin in Santos Basin once one further single well contract is finished with Reliance which is due to start 'from the end of January' (but will it..) I still wonder whether KARs Q2-Q3 target for Santos drilling is too optimistic? Of course finalising a farm-in arrangement within this time frame will also be challenging. Perhaps Q4 is more realistic - any thoughts/reasons why drilling couldn't start then?