RE: 6 months15 Mar 2020 13:31
Didn't you hear, SC? - oil is an outdated concept, with jumbo jets shortly to be run on jumbo batteries, no-one wants oil any more, there won't be any left in a few years' time anyway, so why bother extracting it?, and as extrader reports, people are now expected to provide their services at below cost.
But to be serious, shortly after First Oil, people were saying it was insignificant and that HUR would have to produce for at least six months or 12 months before it could be taken seriously.
It's now nine months, but they keep shifting the goalposts: first, they moved them to water cuts, and now it's the break-even price and bond repayments.
HUR has increased production to 20 kbopd and that too is dismissed as insignificant because, supposedly, the price of oil has now been fixed indefinitely at $20 per barrel.
I and other LTHs can remember how we worried about whether HUR would be able to attract a farminee or raise cash to go forward with the project, but now we are asked to believe that MSB is going to sink the project and destroy SA at the same time.