About time an Aussie oiler had a strike!
Keep in mind that OOIP estimates tend to be strongly lognormal, so if the P10 is 300 MMbbls, the P50 is probably more like 100-150 MMbbls and the EUR at 30% is then around 30-50 MMbbls. At 20% interest to CVN that would be around 6-10MMbbls net.
At $10/bbl NPV, that's $60-100M. Upside from there, of course, but still some risk too that won't be resolved for some months. But for now, enjoy the moment - given how long the speculators have been waiting for a good Aussie oil strike, who knows where this could go in the short term...
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