wow, page-31

GasHunter
IMO you simplify things far too greatly.
Poseidon has received appraisal and to date no one is the wiser as to how much gas is now in ConocoPhillips/Karoon "contingent 2C basket". Karoon have been very slow to update market on the resource add (as have ConocoPhillips) through any campaign and as a holder that has frustrated me.

Woodside and other long term payers in the region, of which there are few, have seen numerous wells drilled from as early 1971 until recent to get to a resource level that they publicize as ~15Tcf with 440 mmbo condensate in the greater Browse development....and still there has been no straight forward development decision.
Why ? - Cost and price uncertainty erode profitability.
They are not stupid and know how to monetize.

Lets not forget that Woodside development of the Browse will require a commitment of some 60+ development wells (at lets say $100MM/well) to develop the contingent 2C reserves, but you can only do this by committing to the greater spend on either fLNG, or conventional LNG. Both have huge costs, the former is not even proven technology and hence there is still massive risk on feasibility, the latter that gives the necessary rate of return is a political no-pass at present.
What has changed ?
I can see why people here think that additional gas will make it all happen but the reality is that the fields are far enough apart and costs will remain high. So a deal could be in the offing, but it would be at a discounted price to the risked capital of doing fLNG on 15 TCF with ~half billion liquids that may make a marginal return.
Either way I don't see huge price uplift in the near term.
If its not a current player then it makes no sense at all, unless it is a company that has financing to take a medium term punt, so long as they have the resolve and foresight.
Hard to see at present who that would be.

Lets also not forget that Woodside are in the Santos Basin with a couple of discoveries themselves. These are too small to develop (less than 150 mmboe) and have now been dormant for some time.
Panoramix (2009) oil and Gas
Vampira ( ) oil and gas

If you look at all of the "post salt" oil discoveries in Santos it has taken almost 10 years to bring these on production.

So lets temper our expectations as we currently sit at $2.46 sp with not enough in the tin to get on with these projects

Reality is that the arena which we have been playing is very expensive and the chickens have come home to roost. Each project needs a lot more funding still and has remaining below and above ground risk.

I hope we get a decent offer for the inevitable sell down, but that is unlikely to make any holder over the last 2 yrs a whole lot of profit. long term maybe. Short term good luck.

A cash raising I think will be a disaster as fundamentally we are not best placed to continue (especially our management).

Good luck to all.