actually the glass is half full, page-26

Some of you seem a little confused by the last announcement. There is absolutely no evidence that any of the wells are starting to water out. The water cuts mentioned have all been at the START of the well's production life, and the reasons have been explained. Of course wells may water out over time, but so far that hasn't happened to a single well.

Redal, if you sold because you are worried about water cuts, then you should be out regardless of how low the SP falls right? The risk of water will be the same regardless of whether the SP is 60c or 40c.

My antenna has been on water alert right from the start, but some posters seem to be borderline paranoid!

Interesting time for the JV, I think they will get marked down hard if the next couple of production wells don't deliver to market expectations. That being said, I for one have confidence!