LSE tonight, page-10499

I don't believe your memory has failed you Ex. Though I think it would be an exceptionally brave company to extrapolate the Repsol/Armstrong 12 from 12 to a very high CoS in a newly targeted area. Perhaps "brave" is less the pertinent word..."foolish" may be better as they would be on a hiding to nothing if they articulated a very high CoS. It is left to mug punters like us to read the tea leaves and draw our own interpretations.

That said, I understand that 25-30% GCoS is considered quite high...particularly in this neck of the woods. @OldGeo made an excellent post on this topic a while ago on the OEL thread (https://hotcopper.com.au/posts/34527800/single) which gives a good illustration of how this 25-30% could be derived.