good things come to those that wait

Smart move by NDO in my opinion holding out on a farm-in partner. It allows them to:

- demonstrate Galoc is back in business and NDO can afford to meet ongoing operational commitments associated with retaining higher equity stakes in the deep water permits;

- shows they are not in a panic/distressed situation (aka OEL and BHPB - coincidence OEL farmed out within 5 days of Galoc going down? I don't think so!) and so can negotiate from a position of strength;

- for those in the know, deep water water rig rates are about to drop dramatically - waiting increases the liklihood that an extra well can be included for the same level of equity farmed out.

Is there a better opportunity in the E&P sector if the upside comes in? If so - please send PM, I want to get on it.

IMHO the low is in - in all likelihood permanently. For those who can't wait for a recovery in the SP, please continue to sell at distressed prices to those that can.