The announcement (forgetting the 'spin' of accelerated development) boils down to the fact that TDO is stymied. Without fresh funds TDO can't do West Seahorse. Banks aren't lending and so it's to be a JV - read somebody else's equity, as Noel Newell has burnt so much of TDO's getting this far, and are we going to trust him and TDO with more of our hard-earned cash.
West Seahorse is also not that big. What the announcement is not saying is whether the hunt for the JV partner would encompass granting operational control over West Seahorse as the price of participation. Probably rather necessary, as who is going to give Noel Newell operational discretion to spend their new money and be merely an equity investor. These people, if they exist, are likely to be real oil.
TDO Price at posting:
13.5¢ Sentiment: None Disclosure: Not Held
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