I would think the deal must have been done after 16 May (because they had not purchased the second 50% from Matris until then). The announcement for the sale was made 6 June.
The Forbes portion of the activity update dated 29 April talked about Larner 1-12 remaining in production and Wallace1-13 testing programs being evaluated. OPL are preparing an "aggressive drilling program" around Larner for July.
If OPL are so confident about the likely reserves as to estimate the value at $600-700 million, why sell half a month earlier than the testing for $1.2 million?
I can think of two possible explanations. 1. It places a big cloud over the valuations of all the projects in the presentation 2. The deal with Livingstone is not at arms length.
In the absence of evidence to the contrary, I will pick "1" as the most likely and wait for more test results to prove the valuations.
OPL Price at posting:
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