Capital Allocation & Who Dat Returns, page-8

Thanks Edson, appreciate the response and it is clear you have some understanding of the financials from prior posts.

However, run a model on Who Dat and tell me what you would have paid for this asset, even assuming you have exploration success and convert all the 2C to 2P. The answer is, much less than $720m, even at today's oil forward curve. Even cut 50% from their acquisition price and it still doesn't look like a good buy.

Acquisitions only make sense for shareholders when you're buying well.

In this case, they've torched a boat load of money and will likely continue to acquire assets no matter whether its sensible, so long as their pay packet goes up.