A1,20,000 seemed the most feasible when you take CAPEX into...

A1,

20,000 seemed the most feasible when you take CAPEX into consideration.

100,000bbl/d will equate to $12bn in CAPEX. Far too much to lure someone into out tenement at 60%. We'd end up having to give more control away, and up near the same figure anyway. Moreover they would be less likely to take the deal in the first place as it would look "too hard" to bother with starting from scratch.

Thats obviously just my opinion, but I was trying to be realistic.

Look, if Sinopec, CNNOC or someone else HUGE comes in and says, hey, lets go for 150,000bbl/d then I would say if you sign for 70% farmin, it's yours!

But somehow, like I said, I doubt even an NPV of 5bn would lure them in. Perhaps too ambitious for our first JV?

Not sure, but I am glad to spark discussion and provoke thought.

I can give you different figures for each level of capacity if you are interested. Let me know.

RB