Bruce,I just thought that you may have thought that once CRE = $0, that we would lose the CRE value in the quarterly going forward. I was just pointing out that we only lose 51% of it (and probably tax/royalty on our share.)
During 12-8E development, CNOOC pay their share of development, and (I believe) start recovering their 12-8E costs immediately, and we will go back to our WI share of CR Oil until CNOOC has recovered their 12-8E development expenses.
Similar to the recent infill wells and other work in BG which reduced the CRE entitlement whilst CNOOC recover costs.
Ann: Quarterly Activities Report, page-19
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