In short: His own venture — co-founder and non-executive director. "Oil is the cheapest thing on your screen… and inside oil, shallow water is the cheapest asset inside oil" — reserves bought around $4/bbl. Completing the Renaissance acquisition (11 fields, 23 platforms, 88 wells, ~3,000 boe/d, ~250 miles of pipe), IPO "in a few weeks" paying a 5% dividend, CEO Tim Duncan (who built Talos), then roll up more Gulf shallow water.
This is Currie's own company — he co-founded it and sits on the board — so it's the purest statement of what he believes. The logic is a two-step bargain hunt: oil was "the cheapest thing on your screen," and inside oil the cheapest corner is shallow water — the old, unglamorous platforms standing in a few hundred feet of water in the Gulf, which investors abandoned after COVID. They are buying proven barrels in the ground for roughly $4 each.
The plan is not to drill for growth. It's a roll-up: buy tired, mature fields cheaply, spend a little to lift production (the Renaissance deal brings 11 fields, 23 platforms, 88 wells and about 3,000 barrels a day, which they expect to push toward 4,000 quickly), and hand the cash back as dividends — a 5% payout is planned at an IPO he says is "a few weeks" away. Tim Duncan, who built Talos Energy in the same waters, runs it. Offtake is easy because the US Gulf Coast is wrapped in refineries and ~250 miles of existing pipe come with the assets.
Why now: he thinks the scarce thing in this cycle is cash, not paper wealth. Tech companies are rich on paper and fly to the Middle East when they need money; oil assets print cash every month. Note it is private and pre-IPO — there is no ticker to buy yet.
37:54And inside oil, shallow water is the cheapest asset inside oil. People just don't want it, don't like it. I mean, the amount that we pay for these assets in that part of the world, like $4 a barrel on these reserves. And the flow rates are incredibly low. Somebody wrote a research report, they titled it "Shallow Water, Deep Value." I love that title.
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