I hope you managed to get out at 15c rather than 14 or 13!The...

I hope you managed to get out at 15c rather than 14 or 13!

The reserve downgrades at Castello and Bezzeca certainly suggest an excess of optimism. One hopes that the newer appraisals are more accurate - and that the wells they're drilling this year result in as many upward revisions as downward ones. Given they're funding exploration and development from production now, rather than from regular capital raisings, there may be less incentive to paint such a glowing picture.

Funding is still a bit of a concern - if they had extra money they could certainly use it, and farm-outs would speed up rate of development. But the biggest problem remains the regulatory delays and the long time to production.