ts,
Plus if Chevron and Exxon had wanted a larger asset value, therefore a larger ROI upon selling...why didn't they go ahead and drill a second well before now? If, as many here vow...that OBO-1 is a monster... billion barrel field... Chevron and Exxon certainly didn't make much of an attempt to prove it. Had they done more drilling they still could have sold it...but they may have gotten an elephant price for it...not a one well, we may have something here price.
I believe that Exxon paid 49.2 million to buy into block 1. They sold for 77.6 million. That's a difference of 28.4 million. What was thier portion of the drilling cost? Think they were they high-five'n at Exxon based on thier investment return? So, the question is...Did 77.6 million represent the price for a coveted asset? Or was it a 'get me out of here' price?
I assume that Chevron paid 56.5 million for thier share of OBO-1. They also paid thier portion of drilling costs. So if they recieve an amount similiar to Exxon they would get about 89 million. How much extra premium over and above that amount would represent a stellar deal based on a re-evaluation of the current asset. How much of a premium could be attributed to the results of the drilling in ERHE blocks?
We will see...problem is that I doubt it will be revealed prior to the announcement of the drilling results by Sinopec.
Badog
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