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Trickster,

It's not that so much is being read into this particular instance, it's the cumulative effect of yet another one.

It has taken them 13 years and 3 MD's to come up with 1.27mmbbls of P90 reserves as of March 2012, and that dwindles daily!

It took them that long to come up with a major JVP in SC54 for the drilling of Gindara, and who did not stay around for any more.

This co's past to present is littered with delay on delay. They certainly have been prone to "talk the talk", but when it comes to "walk the walk", they are proven sadly lacking.

I don't know how long you've been around this co., but your attitude is typical of those who've not had to endure a lot of talk and no walk.
Look at what they said about the Tindalo failure, and now Viking want to "do it properly"...does that speak to you?

You're right, the assets and potential are still there, and the oil too if there is any, but what worries me is, will this be the co. exploiting it?
The DOE have phases of achievement and deadlines for their completion, how far can they be pushed when they're trying to make their country as self sufficient on oil as possible.

We keep hearing time and time again that "this is a very undervalued stock". Well, stating the obvious, the market collectively doesn't agree!

"The cash just keeps rolling in.." care to take a stab at the cash position end Q4?...we've already seen Yeppa mention $50M!

If you think I'm a disgruntled s/holder, you'd be right, and that's my prerogative, and I can assure you there are many of us, but time has wearied most of them from posting anymore. More's the pity as mgmt should be reminded of who they're working for.

Here's a quote from your reply to Biggles above...
"I completely agree, unfortunately management has not helped. yes it is frustrating
but to have the stock rally to 4.5 then fall back to 3.7-3.8 on a drill rig issue, seriously??"

I'm glad you agree with the frustration bit, but I can tell you the drop in sp doesn't bother me at all.
I think you'll find that there were some out there who were anticipating a drill leading in to Nov, and getting in early before the sp creep...they sold and went elsewhere with their money...only 6.7M turned over that day, definitely not worth worrying about.