I don't share your view 9876, I think the SP has massive...

I don't share your view 9876, I think the SP has massive potential take off for a number of reasons.

Firstly, JV haven't reached 15,000 bopd yet, so at the moment they are focussed on drilling appraisal wells in the NSE field. They should achieve their target shortly. What then? Well then they start drilling up other fields (Si thep, bo rang etc), and other wells in NSE to increase the 2P Reserves figure.

The JV have got it right. The taxman takes too much if they flow the oil at greater than 15,000 bopd, so the next biggest value-add to shareholders is to increase reserves. Success with NSE -C1 could be just the start of that process.

15,000 bopd will soon become the "base calculation" figure, and gives investors a lot of confidence going forward. However it means that soon the JV can aggressively explore the rest of their prospects. They may not have as much success, but the implications are far greater if they do have a hit.

Ted's pretty smart. I doubt he's just sitting on his chair counting the cash. More than likely we'll all find out soon what other opportunities 40-50 million bucks can buy.

However, you're quite entitled to take the glass is half empty approach. Certainly hasn't done you much harm over the last few months!

PS The discount is 15% for wax content, but I'm sure you already knew that.