Hi R123
I am neither knowledgeable nor well informed, but here are 2 things that I see:
1) We seem to have oodles of oil. The latest presentation released on 6 Feb (JP Morgan investor day) shows a beautiful slide on page 18, with the backup info on pages 30 and 31. The Dorado/Roc area in 100% gross terms has 360 mmbbl of contingent resources. To that, you can add 570 for Roc South, Pavo and Apus on a P50 prospective basis. That totals 930 mmbbl assuming we are successful. Then I could add another 860 mmbbl for Labryinth (WA521P) on a P50 prospective basis, as per page 14 of the annual report issued on 10 Oct 2018. All up, that totals 1790 mmbbl assuming we are successful. Most of that is light oil.
2) We can farm out part of our permits to avoid diluting shareholders. For example, if we and Santos play our cards right, we could end up with a consortium such as CVN 20%, STO 45% operator, and an international major with 35% across all 5 permits (WA435-438 and 521). That could become a powerhouse combo.
Cheers
ft
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