SN
If oil was US$100+ and FAR was $1.00 then there would be reason for caution given we have no reserves and inadequate funds to deevlop our asset. Oil is US$33 and FAR is 8 cents .... lower than immediately before the first discovery. Two large discoveries and thus far a successful appraisal campaign and I think we can be justified in hoping for more than 8 cents on success at SNE-3 and Bel-1.
H
Bellatrix, page-17
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