I am only an observer, and I have admiration for the AZA team getting the project going on a bootstrap basis, but imo therein lies the problem: BM(G) is a bootstrap job that appears under-engineered, and therefore not going to meet it's production target. 16,000 bopd is way below economically optimal for a high well productivity, 40 mmbo offshore field, esp one still having reserve upside.
The development solution doesn't look too robust to me, and with some symptoms of under-engineering already apparent, low availability or unforseen mishaps would not suprise me.
Now that they are flowing, talking of a "real" FPSO. Makes sense, and even the above mentioned shortcomings probably appropriate for a lean start up company, too many offshore developments are way OVERengineered imo. However not suprising the market is both spooked and dissapointed.
Just opinion from the sideline, gave the IPO a miss unfortunately.
EL
AZA
anzon australia limited
