gobsmacked, page-2

I have never bought into AED but I have been following it over the last 18 months.

One thing that always bothered me was that AED deemed Puffin to be commercial after drilling 1 well each on the NE and SW structures, then they come out with reserves of 40MBBLS at NE.

This was dispite Puffin being discovered over 30 years ago (1972 I think) and being appraised with several wells. I think some majors owned this field over the years and they were never able to prove it a commercial proposition, even though a 40MBBL field would have been commercial at oil prices of 10 or 20 years ago.

I hope it is able to ramp up production to 20,000 bopd but I am concerned that over the last few years there have been an increasing number of new offshore developments that deliver a lot less than they promise. Think of Enfield, Chinguetti, and Basker.