RE:RE:RE:Which comes first??I strongly agreed with radcat that the selling SAGD asset is very challenging. Normally, this size of E&P company will stay put to drill the appraisal well in order to secure POD from the government before farmimg out.
Based on my limited and modest experience in Indonesia M&A, the market value of discovery in this region is around 1-2 USD/bbl before appraisal and will go up to 7-8 USD/bbl after appraisal (suucess) and POD approval in-place. It will likely to reach 10-12 USD/bbl during the production phase (at plateau rate) after all CAPEXs are invested.
All I said above is solely subjected to the success of Anggun well. Keep fingers crossed.