The zero valuation on nearly all permits was stated in the KPMG...

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.