FY16 report - tui has 2P reserves of 1.1mmboe and 2c 0.9mmboe...

FY16 report - tui has 2P reserves of 1.1mmboe and 2c 0.9mmboe

Provisions for restoration and abandonment total for all AWE was $218.515M

announcement said it would reduce AWE's provisions by 33%

so selling it for US$1.5M will mean avoidance of provisions of about $72M

hence non cash profit after tax of about $28M

they lose the potential for 2P+2C of 2mmboe

Usually in this sort of deal the seller would retain some interest in the permit, PMP38158.
Like if production greater than X or Reserves greater than Y the seller gets a cut.
They don't seem to have done so.

The buyer may find more oil.