Why do Beach need a big boy to take them through derisking? They only have to drill some vertical wells to prove the extent of the accumulation and deliver just one horizontal well with high productivity rates and we are away.
Beach will extract much more value selling down after derisking.
In fact I don't care if the Beach don't sell down at all and force one of the majors to take them out at a much higher price.
As soon as the first horizontal produces anything like what they see in the US - game on the big boys will not be able to hold themselves back! There are no other 60Tcf gas accumulations left in the world in an OECD country which can be bought so cheaply.
Beach are much closer to de-risking this than many of the investment banks and punters think imo.
By the way shale is icing on the cake - it is the tight sands where the real value lies.
OK
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