General Thoughts, page-8282

OK .... not the day that I thought we were going to have but it is what it is ....... time to look to the future and that is to get another major to come on board with us to drill the prospective resources that have been identified.
But what should the new deal look like ?????
Our partnership assets now look like :-
1. A potential resource of some 12 Billion Barrels of Oil. With a chance of success of say 20%. (Normal wildkat drilling is 8% or 1 in 15 chance of success.)
2. 2D seismic data set fully appraised ...... Value say $USD5Million ..... ( That's a guess by me ...... someone else may have more accurate idea.)
3. A 3D seismic valued at something well over $35Million USD. (Original cost was $USD35million for 5000sq kms. WDS extended the area on their own volition to approx 6500sq kms. Rough calculations $7000 per sqkm so that adds another $USD10.5million to the value of the 3D seismic data. So a total value IMHO of $USD45.5million. My Calculations).
3. Full appraisal of the 3D data set .... value ??? ....... $USD500,000 maybe ........
4. PCL ....... 75% , Sintana ...... 15%, Namcor ....... 10%

A new potential player ....... what can they be expected to negotiate as part of their entrance to this partnership.
Each well will cost approximately $USD100million.

The existing partnership have an expenditure value, IMHO, of $USD51million approximately.
So at the end of drilling the 1st well the combined expenditure value is $USD151million.
How do you come up with a deal from here.
V10, Oldgeo or anyone else who has industry experience maybe can shed some thoughts of a fair deal.