wl reserves released, page-83

An exit value would be difficult to determine, I would assume a value of somewhere between 5-15 per BOE of reserves. There are indeed uncertainties with these assets, but I would also not cross out an equity swap with another asset. I assume the value realisation lies in the bundling of the assets as a value add reserve + exploration upside.

This reminds me a bit like TAP having to sell their stake in an oil field as they could not negotiate a tie in with another JV for production. By memory the deal was done at close ~$20 a barrel.