Ann: Joint Development Program Commenced , page-7

the positives
Gulf have put up some money

The negative
Gulf are not putting up their money but other investors. It has been difficult to raise due to political issues in US. Those political issues are not going away so further funds will be difficult. Can see MAD getting anywhere near their 100 target unless they go it alone on lots of wells.

Neutral
The first couple of wells have been good.

Gulf are not going to say to their investors they were sh!t

I note also that the first wells were drilled at West Schench. This makes sense. This was where the best wells were drilled in the late 2010 early 2011 period. Clearly for the first few wells you would try and get the best results possible so as to get more investor funds.

Also wells always flow high at the start.

Will sea early sp gains which will evaporate by the close.