What the likes of MarkESmith/ Rowman Oohmwhrels also fail to discuss is why are our development costs so much lower than Bressay's ($3.4 billion ours v $6 billion Bressay) for a similar amount of recoverable?
Why did they buy our data (without compromising our IP) and then subsequently go onto secure an extended licence term with the DECC?
Your not here for reasoned debate or discussion, you have a clear agenda to spread fear and doubt in support of your short. That's fine, just be honest then you might add some credibility to your relentlessly negative assertions.
Have to agree with you there CHAPPI, if the demand for light oil is not there, the demand for extra heavy should be even less. On the other hand, there has been a number of years here where management has had the advantage of high oil prices. It certainly appears that the current price of oil is a huge problem in securing firm commitment partners, even more of a problem with a cash flow based credit line.
I don't have a strategy, I give my opinion and most of the time, it's an opinion that is much less optimistic than those who are trying to sell shares, while ramping the potential return from 35 years of future production. There's nothing more risky than giving a value to future cash flow. You spend twice as much time here as I do. If you were simply a long term holder, you wouldn't waste your time. As you say though, that isn't your strategy and hasn't been from day one.
Certainly the Saudi's are flexing their muscles and mean business to retain their market share of production. A year or so of low oil prices to knock out some of the competitors is not out of the question, they have huge cash reserves to do so..............
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