Cuba doesn’t have an oil in the ground problem. It’s recovering it that is the problem.
You reckon up to 20% recovery. Not a fracking chance.
Cuba recovery is around 6% historically and presently. Why even bother assuming higher, when the market will discount the 6%? You are setting yourself up for a capital loss, or an underperforming investment relative to your expectations.
Ann: Alameda-2 - Successful Flow Test of Lighter Oil to Surface, page-373
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