One could def argue there is some correlation and MAY just lags slightly. But the sensitivity varies. Let's face it, half a cent change in the close throws the percentages materially around so much as to make it impossible to expect any strong pattern.
I would agree that small changes in the oil price would have no impact. Large changes would though. We're close enough to production for that to be a factor.
AP We Need a 2nd Drill Rig for Block 9 ASAP, page-123
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