Announcement reads as somewhat less than neutral to me, in so much as nothing additional was found, and as I read it the prognosis for what has been found has not changed.
IMHO the market reaction to the announcement is probably about fair, albeit imho the actual price is pretty cheap - but tough in the oil patch atm.
I personally expect that the oil price is going to have to improve substantially before we get any development in this area, perhaps a cluster of small fields might make the hurdle though.
Not a bad time in the cycle to be doing basin exploration though imo.
Curious as to why they are considering drilling even deeper?
Posted in ignorance as usual,
EL
Ann: Roc-1 well update, page-5
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