kfann Yes instos are most likely reducing oil exposure across...

kfann

Yes instos are most likely reducing oil exposure across the board. We have lost most of the previous top 20 insto holders but a couple of new ones have come on board.

I am very happy to buy at around these prices having entered initially much higher. The oil price is the only thing that concerns me with regard to our longer-term "reward". Then again if rig costs were double what they are now (in a higher oil price environment) we would only be able to fund one well and be looking for funds. As it is we are comfortable for the first 2 and that should do nicely!

H