Repsol confidence Repsol must obviously be very confident to buy in a further 5% off CGX for the pleasure of having a greater share of the Georgetown lisense.
You only have to take into consideration the possible results for Jaguar 2.
At an estimated 1.2 billion barrels, with an "in-ground" value of $5/barrel means $6,000,000,000.
5% of that figure relates to $300,000,000. If Repsol were to pay 50% of that for the additional 5% stake it would ammount to $150,000,000 for CGX.
This would then allow CGX to pay their 20% portion of Jaguar 2 (say $40,000,000) thus leaving them with $110,000,000 to fund the 50% of Eagle 2 with PRE (say $100,000,000) and have $10,000,000 in the bank for future considerations.
Also, Repsol are able to have 5% more for all other proceeds from Georgetown.
This is just my thoughts on the matter!