Money starts to flow, page-25

I don’t agree with your hypothesis hence have chosen to invest elsewhere. Let’s not get into a peer comparison debate, that being said the current BYE MC suggests holders have already priced in a lot of upside which has yet to be proven (they have no more proven oil or revenue than OEL but trade on 3x the market cap).

Back to the JV let’s hope they get granted VR232 and have a plan to drill when/if the lease is granted. At least with similar assets it’s clear they will prioritise exploiting the same assets and should have plenty of cash to fast track further drilling should they have further success.

Better to work together than try and bid for the same assets going forward particularly if they plan to utilise existing SM71 infrastructure for hopefully nearby oil finds. 100% of any block is a lot of risk for one party to wear sounds great if you and finding oil every drill but a miss or two would be worth more than a quarters revenue based on current SM71 economics ....