So Everest just to be clear, you are comparing onshore oil development vs offshore?
And just to be clear, you mean Maari produced very strong cashflow during the 3 year period 2006-2008 when they paid out circa $40M in capex for the infrastructure needed to commence development drilling, and before earning any dollars from oil production in 2009?
And this is a development project which back in 2005 they were promoting would be producing oil in as early as 2006?
I can just picture you during 3 years 2006-2008 complaining about their cash burn, lack of project ROE and delays. Now you cite them as a shining example or benchmark to compare to.
It seems to me you have the investment risk apetite persective apropriate for an established mid-tier oil producer, not a small cap oiler still establishing itself as a producer, and making your judgements through that lens.
Cheers, Sharks.
FDM Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
