RE:For OIL_RUN Nothing material to add.
Most recent press release states Kawa campaign comprises five planned casing strings - which underscores the simplicity of drilling these wells as compared to the US GoM. In comparison, Hess's Stampede project in the US GOM was seven or eight given complexities drilling through salt and tar.
Frontera has made a clear decision to maintain (possibly increase their interest in Kawa given rights offering announcement made on Friday. They have forgone their option to farm out interest until they first see Kawa well data - knowing a farm out post discovery represents a materially higher reward.
Yes, there is risk! However, the data CGX and Frontera have access to (much of which has not yet been disclosed) gives them confidence to proceed on their own. ~10k ft drilled to date and TD is ~22k ft.
In deepwater, you don't drill wells like these and hold onto +75% economic interest unless you darn well know you got the next best thing to a commercial discovery (I.e. high chance of success).
Is Frontera/CGX out of their mind? Or, do they know something we don't?