When the field is deemed commercial, COP take operatorship and...

When the field is deemed commercial, COP take operatorship and Cairn sell down part of their 40% share (as they have a lot going on & cant afford 40% capex). When this happens FAR oh boy let the fireworks begin.
1) FAR will first get look thru valuation. Currently now our market cap suggests $3 per barrel. I suspect Cairn will sell part of their % for minimum $8 per barrel +, this would mean we are min 2x from here. people suggest even $10 is cheap in this environment. lets be conservative with $8.
2) what I think will be the bigger picture is that whoever buys Cairns % sell down will also buy FARs %.

therefore whoever says FAR is too small for a major, well as a stand alone your right. But when Cairn sell a % + FAR = very very interesting for a WPL / Major or whoever.....

Please understand Cairn cannot afford 40% of capex, they will sell part of this.