Were I in Finders position I would be seeking to sell but retain...

Were I in Finders position I would be seeking to sell but retain an overriding royalty say 2.5 % of future revenues. Private companies like Finders probably do not have the financial resources if the remaining parties in the JV to progress a three or four drilling program. One well is probably fine. Any decision to hold and drill the Roc well if successful will only add to the ultimate final selling price. Whilst there can always be surprises with 3D seismic, and four wells to validate the geological model the risks must have to be diminishing.

Given Apaches statements it is unlikely to be a seller in the short term given that they are now saying 300+ oil in place. That means that there is potentially 40% available (Finders and CVN). Still enough for a Woodside or Santos to be interested. Both need to increase their oil reserves. Woodside with its interest in adjacent permits would have to be strongly "interested".Finders have to be in a great negotiating position.

For Woodside or Santos the question is do you pay a premium in order to secure the acreage before the results of Roc is known or do you wait and pay a higher price if the well is successful. Opportunities like this in a new basin do not come up every month or year even decade,hence Apache excitement.