General Thoughts, page-4854

On the assumption, the Saturn turbidite stratigraphical structure is full of oil up to the spill point:

- Woodside keeps their share and operatorship of Saturn. This is the chance that Woodside can become a member of the majors`s club, producing more than 1 million bbl per day. This will be a hard and very big job for Woodside. I don't know if Woodside can manage that. I am unsure if Namibian authorities think Woodside could do this job. I am sure the major oil companies will play hardball.

- Woodside does the copy paste strategy of Galp. And I think this is the strategy that fits best for Woodside. Drill 1, 2 exploration wells, start the farm out process, bring in a heavy weight champion major oil company (= financial fire power, political fire power from US or Europe (, that we do not get screwed by Namibian politicians or bureaucrats) , technical fire power etc.). Perhaps bring in another another big national oil company as non operating partner to help funding. I hope Woodside will take this poker option because this will be best for PCL/Sintana as well in my opinion. For example: Woodside can keep 20%. The major gets 30% as operator. And a national oil company from the middle east gets another 20-25% from PCL+Sintana. And free carried NAMCOR and lucky Mr. Kowledge Katti keep the rest of the perhaps biggest offshore oilfield ever discovered.

The state owned Petrobras is hyperaggressive because the Brazilians became big and rich with reservoirs which are the analog on the other side of the Atlantic. This experiences should have shaped Petrobras. On the other hand the successor companies of Rockefeller (Exxon, Chevron...) should have been shaped with the experience of discovering and producing elephant fields in the Middle East in the past.

In my opinion a bad option would be if woke BP and woke Woodside become a woke Saturn joint venture team And I expect that as soon as Namibians have the work force and the know how and the money they will want to get a bigger share of the oil cake. But this will take another 10-20 years minimum because the nature of deep water drilling and producing is so complex and very sophisticated. You cannot learn this within some days by training on the job. You need special educated engineers with some years of experience before you can think about to give a Namibian the position as plattform manager for example.