Ann: Alameda 3 Drilling Update, page-90

Remember, there are many components that make up the SP
For May there are the following:
- the physical component - ie the fact that there is recoverable oil - more data to come from McD
- the quality of oil component - its API - all of it has been export grade!
- the moveability component - ie pressure / need for pumps - pumpable from top - moves by itself at lower depths
- the storage and transport component - trucks, pipes, tanks, ships...all there or thereabouts
- the sales component - ie buyers and prices - Cuba is desperate for oil - they currently import! everyone needs oil!!!!
- the sovereign component - risks of doing business in Cuba - definitely a factor but highly unlikely to be a real issue
- the risk of failures and set-backs - especially the casings / well head / ...always some level of risks
- and the speculative component which can multiply these numbers in either direction - can be volatile...

I think the SP has become completely decoupled from the above components - and frankly makes little sense.
There is zero speculation in the SP - if anything there is pessimism.
There is no relation between what has been discovered and what that is worth.
And there is no factoring in of the extent of progress that has been made.
This is a house that is very nearly built - and we cant even get land value????

IMO That makes this all the more compelling as an entry point.