You may be interested in this basic analysis https://anonfiles.com/file/ef890950466d1b7bc8b9bf871c794534
You can see how important the condensate is to the overall valuation. There are a series of assumptions which are required to make the analysis work, but at least it gives the believers an indication of the magnitude inherent in the NT/P68 projects.
NT/P68 is nothing short of an absolute company maker for MEO, and any confirmation that the HS-1 well has proven that the gas in place is productive and hopefully has a high CGR, should lead to a quantum shift in the valuation of the project as TS and all of a sudden are also live.
The kicker is that MEO do not need to contribute ANY cash to get the project to the FID point. Nothing. MEO have given away three quarters of the projects, yes, but MEO have completely taken the financing risk out of the project, and given eni the incentive to get the project to FID asap.
Enjoy the analysis, do not take it too seriously, and look forward to some reasoned/substantiated comments regarding the key assumptions.
MEO Price at posting:
22.5¢ Sentiment: LT Buy Disclosure: Held
