Hi Pottermore, even if Woodside were to acquire some of the GALP interest in PEL 83 to the south, which I believe would be a very astute move, I would wager that Woodside would not abandon the Saturn Prospect, but more incentive for Woodside to drill Saturn.
Buying into GALP's PEL 83 will cost orders of billion dollars.
Drilling Saturn will only cost Woodside, say US$80 million for potential billions of bbls, if oil is found. An infinitesimally small dollar amount compared to the mega bucks required to buy into the GALP permit!
And don't underestimate FOMO- fear of missing out if Woodside withdraw from PEL 87 and another major farms in, drills Saturn and makes a major discovery! Heads would roll at Woodside after spending US$40 million on the 3D and then walking away!
A timing of drilling of Saturn to confirm Sintana estimate of 1Q 2025 would be appreciated from Woodside, of course.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)