The zero valuation on nearly all permits was stated in the KPMG report also mentioned by EGO in one of their announcements. This expressly excludes the two Production licences L18 & L19 and Cattamara Farms - valued at approx $15m/23.6 X 100 = $63.5m). I believe that Wharf still retain their 10% in the farm.
The first valuation you will see will be in the "promote" of a farmin (the ratio of expenditures to the share farmed into). e.g. 100% of drilling costs of say one hole for a 50% stake in the permit would be called a " 2 for 1 promo". There are countless variations and could extend even after the first hole and usually involves past and future costs (esp.seismic).
I mentioned this now, not only because it was brought up, but because of MIN's involvement as I think they might have their eye on EP368. The amount of promo will tell you something about the potential of the permit, albeit I still worry about the lack of 3D (something Origin pulled out of previously - before Waitsia - could have been drilled by now LOL).
Lots of opinion in this in this one.
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