I just have to say in response to Melua's "conversation with a...

I just have to say in response to Melua's "conversation with a US Oil and Gas broker" is that they know nothing...they all read the same reports, make the same assumptions and none of them actually know what's what. It's the same with all brokers, they pretty much multiply errors by relying on each others crappy information rather than actually knowing what they are on about. They are called brokers cause they send you broke, whilst taking a nice percentage to do so.

Meanwhile....my source at Phillips says the area is prime for exploration using newer seismic, drilling and recovery technologies. Hence the interest in an area relatively close to the oil hub in Houston. And that's hardly inside knowledge. Timeline is a shocker, but no-one's going to rush to throw the baby out with the bathwater just yet.