In view of that finding, my personal view has been that the COS is high, around 70% for a commercial discovery, since that announcement. This is way in excess of the 23% from McDonnel, or whoever they are who did the pre dill assessment. The name means little to me.
My point is not with Zapato, but it’s timing. The funds are depleting rapidly as this drill drags predictably on and on. In the event that Zapato is not commercial do we have the funds or rig slot to proceed with the production at Al1.
My view is not a case of being wise after the event. I was a vocal proponent of production prior to Zapato. You know, a bird in the hand and common sense over curiosity etc.
THe oft repeated but unsubstantiated, by AP himself, so called reasons for the current plan are based on legal or contractual obligations to Sonangol and the Cubans or difficulty in permitting or logistics. None of these were raised by AP who took ownership of this decision. So I reject posters who raise these hypotheses.
AP has had ample opportunities to modify his position on this matter and has also had plenty to address the issue of forward production and how he intends to pay for it. He chooses not too. I don’t intend to speculate as to why not. The observation that the SP is less than 1/3 of IGV is not speculation and I attribute it to the absence of production or any evidence toward production. I doubt mine is an isolated view and is irrespective of any geological parameters at Zapato.
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