I read through the PSA reports issued over the last 6 months and the amount they will probably write-off could be as low as $1.5M i.e. the cost of the 2 dry China wells. One of their reports refers to time required to run the economics of the China discoveries and it worked out as being completed in the early part of the 2nd half of this year and not the 1st half. That is unless they fast-track the study and based on heavier oil than initially expected, decide to cut their losses.
G
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