Re: NEWS This is the same rig specification and contractor both Apache/Total and Exxon/Hess/Apache are using.
Would imagine there will be a longer term charter for this rig by one of the above mentioned operators once it completes its program with CGX/Frontera.
Given the rig selection and contractor name, it's likely one or more of the JV partners is mentioned above.
In addition, Apache, Total, Exxon, Hess and CNOOC are at a clear advantage given their overlapping seismic acquisition, adjacent well data and general basin modeling. Again, I think our future JV partner (or partners) is one or more of those mentioned above.
The key question is that if you are Frontera, how do you position yourself and structure a deal to "maximize shareholder value"?
Do you give up operatorship now to Exxon / Total and let them run the show prior to SPUD? That's not a bad deal given they are advanaged (perhaps the best) deepwater operators in the world.
Does Frontera try and keep CGX holding a large interest in the license through the first multi-well exploration campaign and the sell out after well results? Higher risk but higher reward...
I would imagine there are lots of good options on the table for consideration. When potential JV news is released (as de Alba continues to reiterate this is their "preferred path forward" and part of their "strategic alternative gameplan they are pursuing") - would imagine all who have held shares of CGX will be greatly rewarded.
This includes the largest equity holder in CGX - Frontera Energy. A win-win outcome. GLTA