BPT has added over $30M to their market cap on the back of the Bass Strait acquisition...
For $50-70m, they get 25% of about 23MMbbl recoverable, and for an additional $30-50m they get 25% of another 19.5 MMboe...so the cost to BPT will eventually fall somewhere between $80-120m.
An interesting comparison can be drawn between BPT's Bass Strait and NDO's Galoc assets.
*******NDO's Galoc*******
Galoc: 25m recoverable (conservative estimate)
Galoc North: 9m approx. recoverable
Gas: Present in commercial quantities, but don't know details.
Water depth: 320m
Development plan: Floating production system, horizontal wells.
Expected production: Stage 1: 10,000+ barrels per day (two wells)
Future production: Stage 2: 20-30,000+ barrels per day...Stage 3: ??
Offtake: Ship to market.
Nido's share: 22.279%
Cost to develop: USD$150m?
Cost to Nido: ???
*******BPT's Bass Strait Assets*******
Basker-Manta: 23MMbbl recoverable
Manta-Gummy Gas: 19MMboe
Water depth: 100-200m
Development plan: Floating production system, vertical wells.
Expected production: Stage 2: 20,000+ barrels per day (four wells)
Future production: Stage 3: 9000 boepd (Manta/Gummy gas)
Offtake: Ship to market.
BPT's share: 25%
Cost to develop: USD$276m
Cost to BPT: $80-120m
---
These are remarkably similar projects, however I believe better fiscal terms are available to Nido, due to the large cost recovery pool available for Palawan basin participants...and Galoc development is further advanced, meaning first production will occur much quicker.
There is obviously a higher political risk issue for NDO's Philippines assets, but as I see it, that is nore than offset by the "greenie" risk factor facing BPT
Remember, I am not comparing companies, just their Galoc and Bass Strait assets!
At more than $30m, the Market has put a value on BPT's Bass Strait assets alone, of more than 1 and a half times Nido's total market cap!
Figure that one out?
Cheers!
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