Otto have certainly been blindsided by recent events. However, if you read the last GMP securities research on the website, SC55 was slated for the September quarter - past the August deadline. One would think that this advice could only have come from Otto via the operator.
I think BHP want to drill but have a well publicised cash crunch and have deferred anything 'non-sustaining' for 12 to 18 months. If BHP were held to the deadline, walking away from 100M of exploration (seismic) would be nothing to them. Many examples of this around the world across all commoditities.
Duhat and Galoc underpin current price but Mr Market doesn't understand this right now and modelling production from fractured carbonate reservoirs carries risk - just ask NDO.
cinco not looking good, page-14
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| OEL (ASX) Chart |