re: Ann: MEO: MEO Executes binding farm-in ag... I expect CUE has lost nothing and have retained the flexibility to sell at a higher price to Petrobras really want to take more of a percentage of what's underground. No doubt it either fits with Cue's risk profile for the project that:
a) they were not getting adequate compensation from Petrobras for what they were to give up; or
b) because Petrobras will have to deal with Cue last, Cue will be able to extract better value from Petrobras than the other partners were able to. This is a bit like a developer wanting to buy three blocks of land in a development. The owner of the last block to sell should be able to extract a more value from the developer.
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