Rolla, you are guessing again.
AWE went cheap at $600m of which 85% was attributable to the 50% ownership of Waitsia (~$510m).
I would think a 2P and 2C reserve will be certified on success at WE - it will be immediately commercial if its anything like waitsia. Valuations on the SCBGP cant be transferred across to the WE project.
If WE turns out to be analogous to Waitsia I would look to $500-750m as a min valuation on that asset.
Then you have the UIL potential.
Ann: West Erregulla Update, page-25
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