12/01/09, page-15

Hi snakes

That is interesting. I read that it is going to take $400billion to bring the pre-salt fields into production and that petrobras had to borrow cash to pay for its last lot of dividends even after its massive increase in production and record oil prices this year.

http://seekingalpha.com/article/100675-petrobras-dead-in-the-water

http://www.rigzone.com/news/article.asp?a_id=69936&rss=true

So a fire sale of some assets would seem a real possibility. Although i am not sure if ERH is in a precision to take advantage of this opportunity unless they can get there share price up 400 or 500% and get some placements out.


Cheers