Well said IMO what the f were we doing paying for that lot to do nothing apart from trying to keep a big face in Trinidad as an employer ....looks like now the bod don't give a hoot about what the locals think and within reason that's a bloody good job ... Bopd is all that matters and getting out as cheaply as possible then we can pay the govt a nice big brown envelope oh sorry I mean taxes. Whenever I look at the website and the sqeeky clean overalls I just imagine workers strolling around like they have no care in the world thinking well this is easy I hope it lasts for ever
if you want to assess Ithaca you might want to look at the enterprise value rather than market cap. And Ithaca has some mouth watering debt, so the EV of Ithaca which is producing 13000 bbls/d is actually very high.
Anyway some good points from Carve. That would also be my worry, a sort of transfer pricing to syphon what should be legitimate shareholder funds to LO. Rig should ask the question about conflicts of interest. Great Rig letter too.
Regarding the Water Flood, 3000bbls/d by when . It doesn't say. Another critical question to be asked.
So not posting to much at present, will get back to it when back at work in Jan, as you say with KIBO, the swings and roundabouts of AIM as long as you come out ahead at the end. Kibo will make us all very wealthy.
Don't get me wrong, I think some success will be made of this eventually, however, when this gets trading again it's going to be a hairy experience for a while and it's probably a bottom drawer number until late 2015 and a recovery in the Oil Markets to boot, but if you can wait.........
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