RE:MARCH-2019: CNOOC ANNUAL RESULTSFinal note here to add - potential reservoirs crossing over from the Strabroek block into the Corentyne block enhances CGX’s position to “cost recover” approximately $155M incurred on the block to date.
Recall, the $155M cost recovery amount on Corentyne was specifically excluded from Fronter’s 33% buy-in arrangement. Meaning, the $155M cost recovery is a future benefit shareholders of CGX should be able to fully claim (even in a unit field agreement framework) - provided production comes from reservoirs that are found to be within CGX’s Corentyne license.
All positive and good luck!