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Monday, August 24, 2009 6:59:19 AM
The ERHC part of oil in the JDZ is a "fully carried part" of oil.
All exploration/development/upstream costs from the ERHC part are fully carried by Sinopec/Addax. Addax/Sinopec can recover their spendings later by partial sell of "cost oil".
This is a very simplified description. The power of the "free carry" is in the details of the signed contracts.
The value of "fully carried oil" in the ground is significant higher than of "normal oil" in the ground.
Addax/Sinopec get after hard and risky work the milk, we get for free the cream.
The exact premium per barrel for the full free carry can be only calculated with exact knowledge of the contracted details - including tax and royalty regulations.
These contracts were made in the best time of SEO. I am very confident, that the details are quite in favour for us. We had a lot of discussions here about the full carry conditions some years ago...
Sooner or later we shall all know, how much the Premium for the "free carry" is to be valued.
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