I suggest you both listen to the webcast and read the BBY report. Theres a lot of useful information that an objective person would find useful.
as for your view
1/ Rig costs have fallen from $125,000 per day to $75,000 (webcast)
2/ Delays may or may not occur. Delays won't drive costs up but they would defer income. Of course this will be academic by late March/April as we will know if drilling is proceeding to schedule.
3/ Storms again may or may not effect operations. 2005 was nasty with Katrina and Rita, 2006 was totally calm. Met reports say the continued El Nino influence will provide a gentler season than the average.
These after all are the risks of all oilers working in the Gulf of Mexico.
4/. Gas prices always drop between winter and summer and have done so every year of Petsecs operations. I think we can credit them with knowing how to budget cashflow for gas seasonality.
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