John,
Insto's into a $500 mm mc coy? Not with much enthusiasm imo, only the boutique funds.
Thai fiscal regime to 20,000 bopd similiar to Australia? Imho bollocks. It's the incremental rate that matters most wrt poo and production increases. From what I can surmise (and it appears complicated to me) the Thai govt incremental take will be much higher than in Australia even at 10,000 you state. I"ll be pleasantly suprised if JV incremental take in NSE is half as good as in Australia at 20,000 bopd.
Sure, plenty more oil to find, and the Thai government deserves increased revenue - it is a reasonably well run improvised developing company - but lets not adhere to a believe that the sp currently deserves to be 100% greater than what Canadians investors are prepared to pay for the same oil, the current 30% premium is sobering enough for some of us.
EL
good news week, page-11
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