basically unhedged and ready.., page-9

Aurelius,

You are spot on, as it has turned out so far.

The AED puffin project always seemed to have compelling economics on an unrisked basis. I never liked the risks, technical or management wise. As I have not been following closely I could not currently take a considered opinion on AED. However any company as reliant on outsourcing skills as AED looks very risky to me.

As for STU they have a couple of higher value drills in PEL93. If they succeed, and Tino keeps his head in, they could look very good. No fiasco's with phantom FPSO's like for AED. Phantom refineries? I hope not!

Entropylord