tpt just farmed out morroco and oz, page-3

450 mmbls (really 423 mmbls) is on one play, not the entire block. They will drill for a potential 760 mmbls (3 stacked plays, 423 being the largest). This also does not include Zeus and little Zeus which look to be bigger than those plays. The management are waiting on the 3D to give an estimate on those. The 3D will also likely upgrade the current estimated resources, much like what happened with PVD.

PVD will be going for one play I believe, the 1500 mmbls in Toubkal, which is only 2x that of TPT's, or 3.5x if you want to assume the 423 mmbl is all they expect to be successful. Going on those figures, you could value the deal at 82m - 144m for a sale of 50%. Now I am not sure what PVD's estimated cost for drilling is, but I'm going to say it is a heck of a lot more than TPT's. TPT are in <200m of water and PVD are 1000 - 2100m.

This isn't discouraging for PVD though, you may very well see GALP farm into PVD as well. GALP have said in an interview that they are looking to aggressively obtain more exploration opportunities. They announced another farm-in this week too. Who knows, PVD may be on their target list!