shell says 'no' , page-37

Well, I bought into this stock knowing three things
1) Company was a high risk spec with high risk high reward Senegal acreage
2) Had a reasonble balance sheet for size
3) Had decision points coming (so not going to sit around for a long time before seeing significant movement and hopefully growth)

The 3 above combined to give me the feeling that I would see significant movement in the sp, hopefully the right way, UP

I took my punt as I believe most have.

A couple of things I wanted to point out from some of the posts......

The 90 days
From my experience CSEM typically takes a long time to come to fruition as the processing requires a significant computing power and takes months to see results for a few lines.
Ontop of this is the modelling time for "results" ie are they sure they have processed it right, are they sure there can't be another alternative interpretation.
Then a recommendation (good or bad to management, who will no doubt want to know as much about the why it didn't work as say a slam dunk positive).

The report is a nice to have, but the NO is all that was required.
Remember that Shell have paid good money ($MM's)for this and so were in the driving seat of negotiation when it came to time line.....no suprises there.

For the future......

I still hold and won't be part of the panic. I suspect that there are other co's that will take a view. I still think the Chinese will be a stong contender, given their appertite for West African acreage.