claytons production wells, page-6

Chewy,

Well said. Your balance and consistency has been well appreciated here.

Perhaps one important point with the Bo Rang development wells is that it was largely ONE stroke of bad luck, manifested in 5 wells, whereas the new discoveries were TWO strokes of good luck. For those of us who believe luck only works at the binary (or quantum ) level that is really important.

Not that many step outs in these oily permits have failed to deliver a new field, but it appears Bo Rang may have proved a trap, sucking in a substantial portion of exploration, appraisal and development activity the past 12 months, leaving us exposed to the natural decline from earlier areas.

EL