Not too many oilers have a fellow explorer in an adjecent block that has spent $100m and gained very little from it due to disappointing flow rates, however. That increases the risk for our block. Any investor deserves to know this and should take it into account. Shallow wells generally have lower flow rates than deep wells.
As for why I don't sell up- I believe that regardless of any justification for it or not, this price will get pushed higher. In general, people are willing to pay a higher price when drilling has begun, on the gamble that results are good. That will push this price higher on anticipation and given mobilisation is only a few weeks off, then drilling a few weeks after mobilisation, I feel I might as well stick around until at least then. Whether I stick around after that will depend on what the CPR and helium surveys actually contain.
Maybe if I'm lucky, we'll even get Puntland mobilisation during that time, and yet again speculators will drive the price up on the 'prospect' of a massive strike, despite the fact that quoted CoS is only 9%. Though after all the delays, I'm not going to hold my breath.
RRS Price at posting:
14.0¢ Sentiment: Hold Disclosure: Held
