Isn’t it too soon for Frontera sale to be good news?Something has bugged me about this sale news since it came out and I think what it is is that it feels premature if it was about a good find in Wei.
Frontera/cgx noted the well would take 4-5 months conservatively. Even if they found some good early wireline logs around time of last announcement, wouldn't they want to finish the drill get all the data and tie it altogether with Kawa with an updated 3P resource evaluation before announcing a sale? More data - better price (if the data indicates a good find). Given the drill ship is still there it's a wonder why they would announce sale before operation was done.
on the other hand if there wasn't a great find, then this would still be a good time for Catalyst to cash out and sell. Timeline is right and they don't want to invest in further wildcatting. That said, again if the well was a duster they would have stopped drilling by now so this doesn't fully make sense either.
overall the timing just feels strange. A farmin at this time, sure, but a full on sale?