Bazil,
You state, " disclaimer:for the right price who knows what can be bought!!!
Baz "
Ain't that the truth !!
And, just what is the right price ??
What we do know is the price is exponentionally heightened when the fruit is ripe, i.e., probable and proven.
It appears that Addax purchased XOM's 40% for a song and a dance. It confirms several feelings we all have about Exxon only wanting to be the captain of the ship. Since they weren't so in B 1, and since the elephants weren't proved or even designated as probable, XOM picked up their ball and headed to the showers. JMO but I think the price paid was not so much based upon the assets, it was more closely associated with the re-capture of XOM's money paid in the JDZ ( keeping in mind that XOM did retain 2% of the profit oil ).
Can you imagine what some of the XOM shareholders might have been saying, prior to this sale ?? I can just imagine them voicing their displeasure having not rolled over all their opposition. XOM is not used to not winning, but they were smart IMO to sell out. It follows the general principle :
Let's Live To Play Another Day
And yet, let's peruse the going price today of probables and proven, by way of example:
Large superpowers now are flush with cash.
The Persian Gulf conglomerate, Abu Dhabi National Energy Co, agreed yesterday to buy Canada's PrimeWest Energy trust for $ 4 Billion USD. That's 285 million barrels of proven and probable equivalent reserves, which turns out to be approx. 14 dollars a barrel.
In August of this year, same buyer purchased Pogo's Canadian Unit, Northrock Resources Ltd., 142 million barrels of proven equivalent, for the sum of $ 2 Billion USD, thus also $ 14 a barrel.
So, mark me down for holding onto our minnow until we have probable AND proven.
And, Baz, your picture is still there in the EF, in one of our photo albums alongside several of the ERHC ENERGY investors.
Best to you, and may your winter be bearable.
Red
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