yatchy - do you thing the scene has changed somewhat since last farm-out?
I would expect EPR to hold 50% stake in P50 in exchanging the other 50% to a two-well fully-funded commitment by a farminee. They have worked-up some good prospects in the permit which, if they are hydrocarbon bearing, would contain some large volumes. The targets in the deeper water are mostly oil.
The prospects could be similar to that off the coast of Angola in the prolific block 31 & 17.
Time will tell on this puppy. First challenge is the P168 drilling on the onshore sector...
All the best.
PS. I was at the last AGM and raised the terms of the Beach farm-in. It seems that BPT spend their farm-in money on additional seismic.
EPR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
