The Elephant in the Room, page-24

Not following your train of thought Buc on the opening comment

"...US drillers and frackers are stuck between a rock and hard place too. With new technologies and increased productivity the US shale industry can become viable, me thinks cmonaussie."

I've never said shale is not viable. The shale industry is viable now and is a large part of the asset portfolio of major E&P companies such as CVX, XOM, COP, RDS,... as well as the large shale pure (ish) plays like DVN, CHK, EOG, CLR, PXD.

It is the marginal drillers (with high costs and poorer quality acreage) that are at risk. What I was also commenting on was the service companies - so those that supply and contract the rigs (both land and Offshore) are in extreme oversupply. Rebalancing is occurring there too don't worry - not all those companies will survive either. Capital constraints are doing what was expected.

What's the market going to do post Doha this weekend? Will it be a case of buy the rumor and sell the news. Are expectations to high? Has Saudi played us - nice gesture offering to freeze production when they are pretty much pedal to the metal at 10.2 Mmbopd. Wasn't the talk not so long ago about cutting?

Fully aware of what SSN has to do - posted that in the FB operations update. We'll see the result of Rd 1 in this Qtr I believe.

What is the opinion of the sell orders of 10M at 0.007 and 15M at 0.008? Dummy orders or large holder(s) had enough? Looking at the Top 20 holders from SSN website

	Column 1	Column 2	Column 3	Column 4
0	Rank	Holder Name	Securities	%
1	1	NATIONAL NOM LTD	2,019,821,085	71.17%
2	2	HUSSEIN JAMIL MAHOMED	21,950,000	0.77%
3	3	VOGLIOTTI PETER ANTHONY	19,000,009	0.67%
4	4	MIRKAZEMI PEDRAM	18,000,000	0.63%
5	5	EL-BAYEH YVONNE	15,984,431	0.56%
6	6	MILANTO PL	14,000,000	0.49%
7	7	NEFCO NOM PL	13,450,289	0.47%
8	8	CITICORP NOM PL	12,734,262	0.45%
9	9	BAXTER MICHAEL	12,498,445	0.44%
10	10	DOSWELL JULIE	11,936,010	0.42%
11	11	MININGNUT PL	11,800,000	0.42%
12	12	PAESLER C B + A	10,000,000	0.35%
13	13	COOKE DEREK	8,993,583	0.32%
14	14	J P MORGAN NOM AUST LTD	8,663,996	0.31%
15	15	EHRLICH JOSHUA	8,200,000	0.29%
16	16	KAMPAR PL	8,046,312	0.28%
17	17	MONNA MIRKAZEMI SUPER PL	8,000,000	0.28%
18	18	BARR SUPER PL	7,834,621	0.28%
19	19	O'BRIEN JOHN WALTER G	7,129,012	0.25%
20	20	ARMDIG PL	7,000,000	0.25%

Only #12: Paesler C B +A with 10M and those above have that many to put on the block in a single order, assuming it is not a broker playing games.