a look into the future....., page-18

re: a look into the future.....no future (?) Christian thanks for your thoughts and yes it has been a frustrating stock to hold which is why I have been lightening up of late.

As I said in my earlier post, and as miningnut has posted, the first half result is going to be very disappointing.

And even though they have told us as much in advance I think the announcement when it comes will see the price head south.

I have also been disappointed by the sudden revelation of things that we might have been made aware of when they happened, such as Ship Shoal going out and the huge repair bill for a well at West Cameron which rather dents the savings supposedly attributed to the new monobore technology.

They might also have told us about the delay in production at Vermilion because of problems with some sub sea safety valves.

And in the Denver presentation Keogh was still talking about drilling in September when the July Quarterly quite clearly indicates the fourth quarter. Who is right?

I was told that the rig they originally contracted is now not available until the end of November at the earliest.

And do they have the funds to complete the program they have planned or might they as miningnut has suggested have to come back to the market.?

The company has a habit of springing unpleasant surprises on us which even catch me out, and I am probably more often in touch with them both here and in the US, than anyone.

In the medium term, say 6-12 months, I think we will see the shares strengthening again, but they may well drop back below $1.00 before moving up again.