Stumpy can we agree the dry hole estimate is the only drilling estimate provided to market ? The company has done everything in its power to get around explicitly stating what the actual cost of the well will be (even a range). To say it is 30-40% above the pre-drill estimate is a cop out as they didn't even bother to disclose what this presumably internal pre-drill estimate was.
Re the drill result i think its far too early to call it a success until the well has paid for itself, we know how other successful results called early have not stood the test of time well (think F2/G1/G2) and have yet to pay for themselves let alone the associated CAPEX.
O&G companies shouldn't have to massage paying expenses to stay solvent period. Are you suggesting BYE could afford to drill a follow up well now ? i estimate they have around $6M cash and at least ~$12M of unpaid drill costs from E2 ? plus any upcoming completion costs for F4.
BYE Price at posting:
14.0¢ Sentiment: None Disclosure: Not Held
(20min delay)