so they gave away three oil discoveries for...

so they gave away three oil discoveries for 3m

Tindalo,
Yakal,
X1

what did these cost to discover??

any wild cat drill, 20% chance of success.

so you have to fund 5 drills to get one sucess.

And they had 3 discoveries in hand?

and Tindalo flowed at 18000 bopd. and could just have been a cement plug, or redrilled with a horizontal well.

3 million. How do i buy shares in Colossal petrolium?
they got the buy of the century.

I would think management have a please explain ahead for this divestment.

If galoc has flow issues, i would rather still have a choice to redrill/ re-enter tindalo.

This divestment is a bad call in my opinion.

I think they have already counted their chicken in galoc, and for reasons i cant suggest, dumped existing discoveries.

I would have thought, that drilling Yakal to production, would have build their production cash cows slow and steady, than chase the bigger fish.