Maybe, but it sure seems like they have a solid claim for elbow...

Maybe, but it sure seems like they have a solid claim for elbow room at the trough as it stands?

Of the high-impact wells planned this year, 14 will be drilled in frontier and emerging basins, with three opening up new plays entirely. So, despite a disappointing 2023, many operators continue exploring new plays and focusing on frontier regions. Eight planned high-impact wells target prospective offshore resources of more than 430 million boe and considerable prospective onshore resources of more than 230 million boe. The remaining 11 wells "are strategically relevant for their respective operators, meaning exploration success would help them gain traction in the region or inform future operational decisions".

If all planned wells proceed as scheduled, 2024 would see the highest number of high-impact wells drilled in at least 10 years, since we started tracking these wells in 2015.

Melbana's current "Prospective" resources. Note update pending upper sheet.

Or it could be like Buffet says in that "the market can stay irrational far longer than you or I can stay solvent"

Each to their own, & gltah h8tey..