I'm a little bit relieved to see that the breakeven oil price for offshore Morocco is at $34/bbl. Very attractive economics.
Based on this I think the shareprice reaction to the oil price has been well overdone. I think even at $40-$50 short term oil prices, Freeport would still drill Toubkal to find out what they're sitting on before they get too concerned about the longer term oil price. We would have at least a year for appraisal drilling prior to making a final investment decision on development (in the case of success) anyway. And a lot can happen in that time.
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