That's my view too. Sideways (or down if the US political jokers stuff it up) until end of January, when I think the quarterly will be on or slightly higher than people's expectations; sideways and slightly up (or down if the US political jokers stuff up their debt ceiling in March) until end of April, when I think the quarterly results are going to surprise everyone, and then a slow ramp to around $2.00-2.50 by year-end-2013.
My reasoning: draw a line through the Oct/Nov/partialDec production results... even without the exponential capacity of the new drill rigs coming online in Jan/Feb/Mar, it points to ~1400bopd by end-2Q2013. Spurious thinking, perhaps, but it's what we've got to go on.
Of course, PIIGS, Middle East, US political ridiculousness could affect this; as could a surprise deep-drill discovery, or MAD finally coming out and telling us what the reserves estimate for the ~50% of their unassessed acreage is.
"LT Buy", imho.
FDM Price at posting:
76.0¢ Sentiment: LT Buy Disclosure: Held
