Personally I'd prefer him to be frank, the talk at Pareto and OB was move on the FDP/contractors, the RAR was more back burner in importance, seemed fair comment at the time, which has been proven in the past by the negative market impact on positive results time after time. Maybe on this occasion finally a positive response, though the $35 should help in that regard. Of course with any prospective partners these figures should also help in negotiations, but surely it's time now to close the door, factor a variable forward figure in for Brent and costs as necessary and get moving with the FDP.
I do not recall voicing concern about the lateness of the RAR, my recollection was discussing why it might be delayed as a result of being in a closed period, ongoing negotiations and the option of the Canadian authorities to allow an exemption. If anything that scenario should have been viewed in a positive light.
My concern was that the reduction in the price of oil would more than offset any cost savings or efficiencies. That was, fortunately, unfounded, and well done to Chappi for calling it correctly. That our NPV10 is higher than a year ago must make ongoing negotiations easier for Xcite, although those with the cash will obviously have their own criteria for stress testing their investment risks.
Did Rupert Cole know that some of the contingent resources would get pulled forward into 1P when he dismissed the idea at oil barrel? Sly old dog!
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