I am not certain you can be as definitive re Paloma as you have written. It is one thing to say it is difficult to extract the oil out of unconventional plays, but why to you write that you hope for some return so the company can move on? Surely, isn't the other side of the coin arguable also?
Can't it be said that there may be alot of oil because if there were nothing it would have proven so by now? Don't get me wrong, I am no oiler, but I still maintain that no one should or can write off Paloma. It has been asserted that there is oil there, the company couldn't have come this far to demonstrate there is not much commercially viable could they? Or could they? You are not alone with your bullish attitude on Asia, but first things first before we condemn Paloma to being a sad and sorry saga.
When one considers the action in the area at Paloma, proper extraction appears possible. That is not to say the company will be successful, but the only thing that supports a dud result is the time the company has taken to report to the market. I am not convinced that this is the best view to take when you consider the nature of the geology and the tight access to equipment and personnel.
In any event, there is a little creep in the share price which is a good thing. I hope we all are well in the money within a week. If not, rice and soy sauce will never have tasted so sweet.
NEN Price at posting:
26.5¢ Sentiment: LT Buy Disclosure: Held
