The JVs they propose are to fund the projects - so will likely...

The JVs they propose are to fund the projects - so will likely give away a hefty portion for offshore drilling - likely about 60%. The hope will be that a good JV, or even better, an oil find elsewhere will push the SP up and allow a CR on better terms (than 20cps) to develop West Seahorse.

I like it long term but am hurting now. Too many shares held by Macquarie investors in Margin accounts that take up any SP strength. If Commbank need to raise capital to cover their liquidity requirements after writing down subprime losses TDO will have even more headwind.

Just have to put them in the bottom draw for 2-4 years and see what comes out at the end.