About time. Noticed the AFR r also running the Sale story this morning.
--------
So far the TL govt has bought back 56.6% equity in the project from COP-RDS for USD 650mil which gives them 2C resource of 637.3 mmboe at USD1.02/boe. Gross 2C is 5.13 Tcf and 226 mmbbls Condensate (i.e, 1126 mmboe). They still have funds left in their Petroleum Fund so why stop here & buyout the remaining 2 JV partners.
Based on this metric, WPL's net 2C resource of 376.7 mmboe should b aprx USD 384mil & Osaka's 10% about USD114mil. Dont understand (other then for political reasons), why WPL would want to cling onto Sunrise especially if Development as part of their Horizon-3 program is after 2027+. Pointless exercise really. They could rather focus on the Browse & Scarborough.
Anyway I've put together a list of their recent Acquisitions in the last 4 yrs, i.e both Developed assets & stuff in the ground :
1) Dec 2014 Apache's Wheatstone-Balnaves acq.: USD 2856mil for 2P 264.8 mmboe (Balnaves was 2P-11.6 oil but went offline after less then 10 mmbbls production),
2) Dec 2014 Apache's Kitimat in Canada: USD 866mil for 2C 2632 mmboe gas,
3) Jun 2016 Conoco's SNE oilfield in Senegal: USD 442 mil for 2C 196 mmbbls oil,
4) Recent Scarborough acq. from Exxon & BHP: USD 650mil cash for 2C 1125 mmboe plus USD483mil to b paid on FID which makes it USD1133m for 2C 1125 mmboe. Similar metric as Sunrise.
Alternate use of Funds could b used to pick up other assets in WA (ie Browse or Bedout), eg: Conoco & Origins's 80% share in Poseidon-Proteus (~3 Tcf gross) at some point in the Browse. This field is the NE downdip extension of Torosa-Brecknock-Calliance fields (same reservoir Plover & some Montara sands across separate fault blocks) & thus increase the resource base in their own backyard. Browse JV plan to pipe the gas to NW Shelf via 13 startup wells & up to 49 wells using 2 FPSO's & running a pipeline to North Rankin.
