Since there is a clear indicator of hydrocarbon presence in this acreage (WA-360P) i.e a gas chimney & nearlogy to Wheatstone, the success rate could b considered greater then 10%, say 33% to give a risked value of 0.42c/sh.
However, this will change to $1.275 or more, as drilling confirms the "Gas bearing nature & thickness of Net Sands".
If u go by Yogi's date, this may well fly in Feb. nxt year, so lock these in the bottom drawer, for now.
I tend to focus more on the nearology (discussed next).
The net sands encountered at Wheatstone & Iago were 175' & 154' thick (ie apprx 60 & 50m) & in the earlier Pluto well about 110m (the later wells were all, sadly, dusters).
Should Artemis have 30m+ sands (with a higher Gas: Cond ratio), then it will add a lot of potential to either players LNG plans.
Hence the current level of interest & need for further due-diligence by these 2 giants & for MEO - a farmout from their 70% interest, as they only have $21m cash on hand.
cheers
MEO Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held