Member Info for S7ein

Vernony, I'm not wrong, im right. Even with the ablity to export it doesnt change the fact that America only has 30 billion in reserves which is a drop in the ocean. However: 1. What does exporting the oil do? Nothing 2. You export oil, you then import more 3. Where you going to export too exactly? You'd be better keeping that oil in storage, you will need it soon enough 4. Exporting will do nothing, it will temporarily increase the price against Brent but the fact is the market is still oversupplied, which will drag down the price further of both Brent and WTI 5. USA production is on the verge of a dramatic steep decline in production. This is not based on rig number reduction, this is based on high deline rates and lack of funding for the industry in general Youre view on oil never getting back to $65 a barrel is ludicrious. If you worked in the industry you would know that companies are choking back and billions of pounds of projects have been canned. The only reason we dont see the resultant change in oil price right now is because companies work on annual budgets and have already committed, however next year you will see a significant change because of this, its already started with america now drawing down on its storages. I soon see 5-6 million barrels a week drawn within the year. 1000BOPD from shale wells in America will never make up the surplus that will be required in a couple years time because of these canned projects, your view on that seems to be skewed, but ill repeat again; even if there were a dash, the amount of reserves that america have will last circa 5-10 years at most, coupled with the fact that most financial instutions wont touch it with a bargepole after the last year, Once bitten, twice shy. Mark my word when I say that the market will be massively undersupplied in a few years, the saudis know this Well done on quoting a company that has no idea what they are talking about though, thumbs up. Heres my quote for you "At current oil prices Saud Arabia will be be bankrupt in 4 years" - All they need to do is turn the taps of for a month and all hell breaks loose, they hold the cards, not America

America are nowhere near self sufficiency and never ever will be self sufficient. There arent significant amounts of oil shale oil that people seem to believe to allow them to do this. They have circa 30 billion which is nothing. As for thinking that it will only take a war for oil to reach $65 ever again you are crazy. Do you actually work in oil in gas?

All this talk of Oil having its day is a lot of nonsense. Vernony you must drive a lot of miles to get any benefits from your LPG car as the efficiency of it is 20-30% less than a petrol and i'd hazard a guess that its up to around 40% less than a Diesel. I used to run LPG when it was 19p litre when Petrol and Diesel were around 80-90p but moved back to diesel and I save a lot of money over LPG. If shale gas has its revolution it will push down the prices of gas in such a way that the oil price has been forced down. Demand of oil is projected to grow yearly for the foreseeable future so Oil having its day is a long long way away

Pete, Agreed. I think around 75% of Elands shares are in the hands of major players

Bobo, Plenty in the pipeline with Eland. One workover May/June then a 7 well campaign from Q3 onwards if I remember correctly. Low Debt, Low Share issue, High production acceleration, low breakeven cost = high share price Good luck

Because management control the share price right? Sigh....