"The buccaneering growth of the shale industry was driven by...

"The buccaneering growth of the shale industry was driven by cheap and abundant credit"

I think financiers are going to be more cautious in the next wave of shale development, particularly if they get their a***s kicked big time on the original round of lending. I think it is pretty clear this is SA's objective and I think we can see the present low POO continue for as long as it takes to achieve aforesaid a*** kicking. That is likely to be 12+ months IMO.

Yergin's indication that a price of $50 - 60 will be the "Goldilocks" point seems fairly compelling. That is a lot better than $30 and would be satisfactory to FAR , especially as we prove up 2bbl !!

Fisho