This struck me as a good announcement.We acquired a minority...

This struck me as a good announcement.

We acquired a minority interest in a mature JV without any guarantee that planned exploration work would be approved and carried out. It seemed naive and I wouldn't be surprised if the market saw it that way too.

So, all's well that ends in oil wells and the JV has approved the further exploration work, although Who Dat West still waits. No reason given. It was considered more prospective than Who Dat South. No mention is discouraging, although it was last in the planning line.




This announcement notes higher success rates for WDS too.LLOG have Spruance and Salamanca developments in the GoM that they own in JV arrangements. The KAR BOD keep talking about potential for further M&A. This act of faith by LLOG must generate considerable JV goodwill. Maybe to attract KAR for further M&A?


I look forward to an announcement regarding the Neon development soon. The KAR BOD keep talking about farming out Neon, I wonder if LLOG might be interested in expanding their investment jurisdiction exposure?

The two new deep water Brazil blocks become available for work this month.