Neil_WA explains it simply but well (excuse the pun!) since the West Seahorse Oil Field was specified as having 10.3Mbbls of pre-drill P50 reserves. These were only contingent reserves (a term that is increasingly being used to rely on)and now the P50 is circa 5Mbbls making the field marginal to develop. More to the point there is no upside shown unless Wardie-1 comes in.
any comments, page-9
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