BYE/OEL relative values, page-4

BYE has a long list of GOM prospects in their leases now which given the success of the technology in identifying oil, the quality of management and the cash flow means they will increasingly be able to use their cash flow to capitalise on them with or without the partners.

The risk is that, as more oil companies get revenue, OEL's capital supplier role will get comparatively less valued and the terms and prospects less attractive.

Once the revenue flows BYE may rapidly be in the box seat. Maybe this is being recognised by the market.