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Colter did not go to plan, yes we got 15m barrels but in the south and not where we expected it so that put the kybosh on quick monetisation and made everyone look again at what the true picture is and to do that more drills and proving up, it's not bad news especially with the extra acreage awarded in the 31st round as they will, in my opinion, eventually increase the volume of oil found. Even if they stated work now, which they are not, it's not a 5 min job and so it's a bit of a back burner for me if I am being realistic.
As for Eagle it just smacks of the old style that was ADL, all puff and no substance, we may have put money in but I don't expect anything and would love to be wrong but happy to go forward with Indonesia and move away in a totally different direction from the past which needs burying for good.
Indonesia small at present but a new direction and hopefully a fresh start.
Yes and many thanks. I also feel that Indonesia will be worth the watch as it was there that SG was looking to do something but if I remember was put off by the need to provide up front funding. The more recent move into the country may be a small but pivotal entry for ADL
In my view Colter is worth a lot of money but it is more complex than previously thought. The new licenses make a difference: part of Colter South was not in the earlier licenses.
The issue is how to monetise all of the assets in the licenses efficiently. They will be arguing backwards and forwards about what to do, in what order and how to execute.
This is the best demonstration of value at Colter and the Wessex Basin licenses: money on the table...
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RBD/14169508.html
Corallian increases its interest in licences in the Wessex Basin, including Colter South
A portion of the net proceeds from the Round 6 Fundraise have been utilised by Corallian to acquire Corfe Energy Limited's ("Corfe") interests in licences in which they were a JV partner with Corallian. Such interests comprise four licences in the Wessex Basin, which includes the licence containing Colter South, and the Inner Moray Firth, including three new licences offered in these areas in the 31st Licensing Round. The Pmean Prospective Resources attributable to Corfe's interests are 10 mmboe* in the Inner Moray Firth and 6 mmboe* in the Wessex Basin. Following this transaction, which completed this week, Corallian's interest in the Wessex Basin JV licences increases to 74 per cent. and in the Inner Moray Firth JV licences to 45 per cent.
So it looks like Corallian calls all the shots in the Wessex Basin. Until they make an announcement nobody else can say much. My understanding was that Corallian picking up Corfe's position in the Wessex Basin licenses did not go down well with the other partners.
Sometimes the dominant partner/operator in these JVs uses their positions to manipulate the JVs affairs to their advantage. If Corallian has gone to 74%, it would make sense that it would like to go to 100%.
DYOR