Must admit, had expected a faster speed in achieving the milestones.
Conversely, it is not as if senior management are highly skilled in the requirements of the local regime (unlike their jv partner?).
The granting of a production licence on the 303 discovery is starting to be of concern to me. I certainly have no knowledge of Brazilian requirements but had expected a quicker clearance based on my interpretation of earlier releases.
Testing 403 down at the basement offers a number of curly variables-most of which should be considered in a very positive light. Slowly testing down to the basement and the potential it offers will not a grumble out of me!
In the meantime we should see some additional drilling coming up over the next two months. The potential in this company's programme still dwarfs most other plays going around with the added value of being onshore.
Still very long,
Cheers TAS
ERH Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
