How about this one...
Scenario 1.
Appraisal continues with WPL as the defacto holder of 35%
Appraisal is a dud - no connectivity - non commercial.
COP still gets minimum return of $430M for their share.
Scenario 2.
Appraisal continues with WPL as the defacto holder of 35%
Appraisal continues with awesome results - 1.3B barrels recoverable from SNE alone and commerciality called by CNE/JV.
COP (through a subsidiary) approaches CNE and AVQ to purchase their pre-emptive rights parcels to the 35% in exchange for a free increase in their economic interest in the block (say 5% for CNE and 2% for FAR). COP interest reduced by 7% to 28% but it can now book 364M barrels as 2P. FAR's 17% 2P now becomes 221M barrels.
COP has paid nothing to reduce their at risk capital to zero while retaining considerable upside throughout the appraisal /commerciality decision phase.
CNE happy, FAR happy, COP happy - Woodside sad for the lost opportunity of the decade, but still have their $430M to try and find a home for.
Risk reduction in action.
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How about this one... Scenario 1. Appraisal continues with WPL...
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51.0¢ |
Change
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Mkt cap ! $47.12M |
Open | High | Low | Value | Volume |
50.0¢ | 51.0¢ | 50.0¢ | $51.68K | 102.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 75177 | 50.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
51.0¢ | 187769 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 75177 | 0.505 |
1 | 62764 | 0.500 |
4 | 219438 | 0.495 |
1 | 99999 | 0.490 |
2 | 104597 | 0.485 |
Price($) | Vol. | No. |
---|---|---|
0.510 | 187769 | 3 |
0.515 | 103300 | 2 |
0.520 | 335203 | 4 |
0.525 | 100000 | 1 |
0.530 | 20000 | 1 |
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