"All well and good to have cashflow from Galoc production, but it is not a self regenerating commodity in that oilwell.
We need to discover more reserves to build the value of the co., and this I believe is what the mkt wants to know...WHEN? "
Agree
For SC55, if they get DOE approval, I'm thinking around 3 to 6 months to finalise a farmout, then 6 to 12 months lead time on a deepwater rig.
Mid 2015 spud is my guess, if it happens at all.
In practice, the Oct 2014 deadline would be satisfied if they book a rig by then, imo.
Ann: Investor Presentation , page-15
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