Not really, they're targeting an entirely different resource that is far more derisked, not only that but they could be selling oil from an EPT by the end of next year with minimal capital involved. REY have about 47% of the Ungani trend on their tenements which according to BRU is roughly 1.4BB oil on an unrisked basis and their share isn't any lower than NSE's share of their Goldwyer.
NSE on the other hand even if successful won't be selling anything much for the better part of a decade as all the infrastructure is built and the ROI on shale is far, far lower. It's not as silly as you think. You underestimate the immediate, low capital value of conventional oil. There is a reason I've consistently wanted NSE to target shale under conventional reservoirs (and why I'm not talking about the Goldwyer and Laurel prospectivity in REY's tenements).
Not saying one is better than the other but I don't think the market is being irrational. Whether it's BRU, NSE, OBL, KEY or REY the market has definitely cooled on unconventional canning gas. Successful Laurel wells hardly even moved BRU toward the end, they need to show some level of commerciality now so all eyes will be on that and conventional oil.
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