Ann: Joint Development Program Commenced , page-26

These salt domes have been drilled like Swiss cheese since the 20's. The high impact program is unlikely to yield big quick wins, though I do agree this is a risk to the upside.
I have consistently looked at this story with a sceptical eye and I continue to do so. A valid question to ask is why would an oil company with 100mmbbls 1P and 200mmbbls 2P spend time and money chasing exploration targets? It makes no sense to me. The great NPV on available capital would always be to produce the known reserves, especially when R/P is so high.
Regarding your comment about going short at 60c and down ramping in blind faith that it will go to 30c, FYI I commenced shorting at $1.155 and continued to at $1.03, low 90's and low 80's, so it's not correct to say that I am simply following the herd on this play.