They paid USD2.25/bbl & this value has gone up since July 2016...

They paid USD2.25/bbl & this value has gone up since July 2016 to the price I mentioned in my earlier post.

When the deal was announced in July2016, oil prices were under USD 45/bbl much less then the 100/bbl in 2014, so the price if USD442mil paid was still at a generous premium to COP's Book value of USD286mil for 35%.

Since Oct 2016, the JV has drilled more wells advanced the project by spending more Capital & with oil price in the mid-60's net value should also b high. As example from recent times is OSH's Alaskan North Slope acquisition for USD3.25/boe (USD415.4/127.5mmboe).

As the project advances to FID & towards first oil the JV will spend more capex. So in the event of a Sale the spendings will form a base price for the seller unless they r in a rush to sell at a Loss!! U pay a premium for a producing Field compared to stuff in the ground that may b years from first cashflow. To get that cashflow a buyer has to spend Capex. So all these r sort of interlinked or estimated via financial analysis. As an example Kosmos's Ghanian 2P assets r worth USD6/bbl from Jubilee & TEN as certified by Ryder Scott.

SNE's FID should b sub-USD3bil gross & includes a leased FPSO. This is on top of UDS1bil already spent on explr/appraisal. Their neighbours to the north have an FID of USD3.8bil (up from USD2.5bil), as they are buying an FPSO instead of previously leasing one for Tortue.

U could calculate FAR's current Book value for Senegal from their Annual reports. It is apprx AUD140mil spent on 11 wells & 3Dseis, so add the net capex at FID or first Oil (ie: 15% of USD3bil by 0.72 forex rate) to this amount & divide by 5.6b shares on issue & chuck in a few cents premium to work out net worth at current 15%. Hope this helps.

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For a leisurely weekend read do revisit the thread from 18th Feb 2016 on the link below & ask yr'self how did they not see this situation coming when a handful here could work out the rationale & that wasn't even in hindsight.

https://hotcopper.com.au/threads/woodside-to-buy-far.2704259/#post-17054405