Re: “In this low oil price environment we pay half the price for our rigs and we pay twice the price for our money (in SP dilution that is)”
Hear what you are saying CV, and as I say, I have basically assumed that in the spreadsheet tables (and that includes applying the same factor to all development costs going forwards and I don’t really know if that can be justified). And if the market didn’t take reducing costs into account, then we would be left with a value as per Ropoh’s $40 column and wouldn’t be able to raise at all until the oil price went back up again.
Complex situation, much more complex than efforts can account, and I think the overall project economics in respect to the development costs in a deep water environment (not just drilling costs) would remain a factor in determining market price in times of (hopefully temporary) lower oil prices and thus the amount of share dilution going forward.
pj
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