Let's use a below par US$/bbl of 2.5 to be conservative. I think we've comfortably got in excess of 5bn. A 1.7c SP (less dilution) looks nuts. Galp knew pre-drill that they had 10bn, suffice to believe that we will have pre-drill knowledge. Petrobras offer will be a reasonable indication (although Galp should play proper hard ball as Petrobras are desperate).
Won't be waiting until next quarterly. With all the wheeling and dealing going on around the Orange Basin, something's up imo. If WDS and mgt drag into next quarter, they are incompetent. NAMCOR's been a debacle of late, but Maggy Shino would be unimpressed if there was any hold-up. I think we're being kept in the dark, but perhaps for a good reason.
General Thoughts, page-4865
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