Hi J&J,
I'm not sure why you foresee potential delays with the exploration JV. FMC is irreversibly committed to spudding the MZ-1 well at the end of March and has also committed to the second well (possibly Toubkal) later in the year.
I agree that FMC's balance sheet is a concern and that they need to undertake, like many in this sector, substantial cuts to all forms of expenditure.
So, in this context of substantial cutbacks, we should all sit up and take notice that FMC actually increased its financial exposure on the first well from about $70m (Toubkal) to $136.6m in MZ-1.
It takes very confident cojones to swing a bigger bat when the cupboard is getting thinned out.
Cheers,
Hi J&J, I'm not sure why you foresee potential delays with the...
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