Great to have a positive announcement at last. Here's hoping we have a lot more to come including GB.
Given the cost for seismic, CSEM etc that Ophir has spent to date on Kora pre-spud, $6 mill for 10% of the action IMO is cheap & most likely reflects the negotiated price for Senegal JV, conditional on Senegal Gov approval. IMO this shouldn?t be a problem given Ophirs reputation & expertise.
Would have been nice to have no conditions attached but the positive thing is as far as I read it, is the 60 day conditional period is after the Kora result which was probably going to be influential on a Senegal JV anyway.
This way we share the profits of a positive Kora drill result & move straight into Senegal drilling phase with one of the most experience operators in deep sea West Africa.
Hat goes off again to ME as he has given FAR a play in over 13,000 km2 of West African Coast for the unbelievably small sum of $6.6 mill:
1) Senegal 90% multi Bill boe potential - Nil cost handed over from Hunt Oil
2) 15% Guinea Bissau play with 240 mill boe discovery with further upside - $600,000 US
3) Now 10% in a 448 mill boe play (positive CSEM results) with ophir for $6 mill
Talk about great results with a shoe string budget.
All this can only lead to Good times ahead. Bring on 2011.
PDYOR
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