They can plan the next rig once they have a forward plan for the 3D seismic, processing and interpetation schedule. Any earlier is premature. Once seismic locked in, chase the rig to match the dates. This is how the oil business works. It takes time and I have no problem with it. I would have liked to see the other prospects drilled, and I certainly want JV funding for the unconventionals and conventionals, so get frustrated at that. On the other hand, values are growing for the acreage, and BKP will give us a free look at a few horizontals soon. Our Sth Georgina acreage will grow in value on any success there and is probably worth a fair bit mnore than BKP's.
So, in a nutshell, happy with the Surprise plan as that's standard practice, but frustrated with the JV plans. Too greedy trying to hang onto everything too long. But I do also sense from recent announcements that they now understand that they need to close JV deals, and I think they will be the short/medium term price drivers. I expect the deals to surprise on the high side.
CTP Price at posting:
26.5¢ Sentiment: Buy Disclosure: Held
