Nice discovery and they should keep topping up this reserve with possible finds this year.
What you have to allow for now is, where will the OIL price be in 2-5 years.
Currently 113USD
Possible 150-200USD bbl
I made a mistake and sold earlier on as I believed the OIL price would tank til the end of the year. Still think it will just back 80-95 range.
Maybe another buying opp later this year. OIL will push back up in the cycle late next year if world GDP moves up again.
US will desparatley be looking at other energy alternatives now the Democrats will have the majority vote in both houses and with a Democrat President.
reverves upgrade of 300 percent, page-51
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