Rig Watch - Equinox, page-24

TDO has a US$65m seat at the big end of town. This suggests to me that the 2-well program will cost ConocoPhillips around US$345m. Conoco could go anywhere, yet they're doing this here. I've done this to remind me of the serious money being laid down, big money that's anticipating a serious return. Ultra big money if 6 more wells are drilled in the following years.

https://www.upstreamonline.com/exploration/transocean-rig-arrives-to-start-major-australian-gas-exploration-campaign/2-1-1805592?zephr_sso_ott=uVKmYw

There are cost savings to be had from being a consortium member, versus the sole hirer of the rig. I suspect the rig bills the transit / non-drilling days to the consortium, who will have some formula for splitting that amongst themselves.. All things being equal, spreading those "overhead" days over the consortium members reduces everyone's cost and will make best use of our US$65m.

Pretty cool that TDO has a seat at this table.