akkopowerFull field development requires huge amounts of...

akkopower

Full field development requires huge amounts of capital.

What TXN is doing (saying that it will do) is what Hilcorp did in the AUT AMIs. It drilled, proved up reserves (first stage), programmed drilling to hold leases (achieved a proportion) and then sold off to a bigger operator (Marathon) realising a huge profit.

They do not "get a bit of land at a discount". They lease virgin acreage and add value by drilling and proving up reserves. TXN is also selling acreage partially held by production.

As a general point, slide 23 headed "where are we now? Mid 2012" seems to be saying that the "EFS Transaction - mid 2012" is imminent.