02-18-2014, 03:20 AM
Mike, you are usually quite astute. That is like asking why did the market assign any value to E/A before the Total deal? I agree completely, the market is Giving no value to these prospects at this time. Of course, the market is currently significantly undervaluing everything IOC related. But as the Total deal closes and gas at the highest tranche & above is valued at $1.29 or more....there is a clear and distinct route to monetization for newly discovered gas. Hence, it's value to IOC and shareholders is significant. PRL 15 is just a starting point for value creation.