Surely if HRT have discovered some of the best gas onshore in Brazil, then there are currently "not quite as good" discoveries already in production? This suggests that said "best" discoveries should be relatively easy to commercialise. Genuine question??
My take is that it is commercial, but at some point you have to reign in the exploration and actually get some revenue coming in...
Therefore...i read the PR release as "exploration is currently on hold". We've proved up enough discoveries (spent enough money) to either a) put it into production and focus on building capital b) sell gas assets as they've been proven
Sell it to Petrobras for $1B, it's their pipeline anyway. Coincidence...BTG Pactual just coughed up $1.5B, with Petrobras wanting to consolidate resource into production assets.
Cove recently sold a 8% stake of 30trillion cubic feet, which is similar to what HRT proved up ~2.4 to 3.0 trillion cubic feet. Coves finds were no more assessible than HRT's finds (being offshore East Africa).
It sold for $2B...so about $1B per trillion cubic feet. HRT have 1.5T thus far
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