COP, page-17

Hi All

Set aside your thumbs-up buttons; you won't need them tonight.

This news disturbs me.

If Senegal is as big as some of us here have convinced ourselves, then news that the largest company in the JV would consider selling the asset is worrying. And consider bailing within two years even more worrying.

Yes, in 18 months time and six appraisal/exploration wells we should have a much better idea of the size of the finds to date, but if this is indeed 'Gulf of Mexico MkII' then for the life of me I can't envisage why COP would cop out at that early point.

This news is the first little chink in my hitherto armour of confidence. It speaks to the deep, deep malaise in which the industry finds itself. Clearly COP can't see things improving quickly and the situation is obviously taking on existential forebodings for even very large firms.

Sorry to be pessimistic on the eve of a weekend in which Aussies can do with all the optimistic fervour we can muster. Funny things can happen under pressure in finals but they'll need to if the All Blacks are to be beaten.

OOO