caterina farm out, page-11

LCCE,

"My point is that you would need a higher p50 to attract a major. (At this stage)
It is another example of not understanding field development."

Bunkum.

The big boys, except perhaps Exxon, love 4 tcf chunks of gas. In the real world that is generally as good as they can get for a drill, and it is enough to underpin a WHOLE LNG TRAIN. Enough to push their way into a JV. Plus they love to get in early, before some little tinpot outfit has done a "decent" 3D in a less than cost effective manner. CUE isn't even in a position to get tax and PRRT credits on any 3D they do, so shareholders effectively paying nearly 2 1/2 times as much just on that basis to start with. Add the buying power and buying competency of a major, and you quickly see why CUE's no stupid little DIY outfit.

Just look at what Apache did recently with gas less than enough to support a stand alone LNG development, did a deal with Chevron.

More to the point than the field size might well be it's liquids and CO2 contents, and the soil competency for any platform. It was the 4ds that kept Gorgon undeveloped for decades despite it's size. Without attempting to out condescend yourself, I might suggest you learn some of the non-geological issues associated with field development decisions (and don't assume I have any more than a rudimentary grasp of the fiscal issues).

Right now the big boys from around the world are drilling in the deep waters of the greater north west, and their successes are not all greater than 4tcf. I'd say a 1 to 2 tcf discovery with the right attributes could make a very lucrative tie in to someone else's LNG hub, or feed a very lucrative domgas facility.

EL