The offshore fields have a much higher incidence of...

The offshore fields have a much higher incidence of disappointment and come at multiple of costs to fix.

If you have a longer term view to energy requirements, an onshore dribbler is a far lower risk (return!)IMO.

As to the operator, being local obviously helps however rumour mill suggests these guys were responsible for initial testing stuff ups and a 3rd party was called in for reinterpretation. Also note throw away comment on cementing of 330 potentially dropping recoveries.

Irrespective, have a long term attitude for my portfolio with this one, with plenty of activity in 2008/9.

Cheers,TAS