Just one other comment re "unrisked". It's the same logic as...

Just one other comment re "unrisked". It's the same logic as with olives: unseeded doesn't mean the seed's been taken out; that process is called seeding. A Mere Male would have called it 'unseeding' or 'deseeding'.

Anyway, an idle analogy mid-afternoon. And I suppose you can still get oil out of an alive (or well) whether it's seeded or not. Just makes it harder to swallow.

Back to oil wells and SSN, the only derisking that can really occur is when you drill. Anything before that is subjective twisting of numbers to suit an proposed argument. The reason that risk is mentioned at all is as a disclaimer from the company/proposer.

As SSN beds down it's income stream, then logically the risk of future wells on the health of the company becomes less. You only have to look at the impact of dusters on wannabe coys like GGE, NGE, dare I say MEO, and many others. Conversely great results in the Cooper Basin don't register for STO, and nor would a duster.

Also by definition, risk is different for a holder than for a proposed holder. Statistically the same, emotionally different.

Oil business continues to be high risk/high reward, and you can derisk it mentally at your peril.