Botak,good signs are coming out for a rise later this year,looks good for FOGL.
Reuters Report from Tuesday
(Reuters) - World oil prices will rise "substantially" in the coming months after hitting the bottom of a months-long rout several weeks ago, with a supply squeeze looming as early as this summer, according to PIRA Energy's Gary Ross. The "magic of price" has caused a rapid resurgence in global oil demand and triggered a surprisingly steep collapse in the number of U.S. drilling rigs that may be more difficult to reverse than many expect, Ross, a founder and executive chairman of influential consultants PIRA Energy Group, told Reuters in an interview. And Saudi Arabia's spare production capacity has dwindled as the kingdom pumps oil at a record rate, leaving the global market facing a summer of higher demand and growing geopolitical risks with a spare supply cushion of as little as 700,000 barrels per day (bpd), or around 0.7 percent of the market. "The world has been focused for the last six months on destroying supply," Ross said on Monday. "Increasingly the mindset is going to change, they’ll have to start thinking about creating supply again, and that’s going to mean a lot higher prices than today. Substantially higher."
It sounds like they are just doing the preliminary work on Jayne/Chatham as far as they can. No sense wasting rig time at those prices, might as well get as far into the next drill as you can while you wait for the repair.
strangely enough I bet heavily on an egg hatching way back in Dec at 5.5 , was shot down by chris slavering runt oil I was wrong it would never happen etc etc, took longer than I thought but it hatched an I called it argos :)) funny that eh
The bop will still be on board the rig, as one previous post said they will just be drilling the top hole sections where a bop isnt required, I hope!
actually murray just re-read what he's saying (with glasses on lol ), he claims its happened post testing in which case we're fckd then cos they'd leak test to near limits of ER equipment/capabilities
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