>The US rig count has been going up steadily and despite what the industry has been saying US$100 oil would start the drilling frenzy in the shale again . Even at $80 it is recovering.
You mean Recovered. The Permian (The main shale play in the US) is back to it's peak.
The rig count is going up. but it's well below it's peak. What is interesting is that the new wells are producing significantly more. Is this better technology? Does higher initial flow mean quicker drop off? Or are they snipering the best wells sites rather than "drill baby drill"?
However legacy depletion is starting to bite.
BYE Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
