looks good, page-17

Paprika,

You're preaching to the choir here, love the TGS story. In fact the Metminco story could have been similar if they had stayed true to the original plan which was to develop the Chilean assets and use that to fund Capex for growth.

Paradoxically Los Calatos became the elephant in the room that nobody could ignore and now we don't have enough $$ to develop the Chilean assets or LC.

My take on sovereign risk at TGS is slightly different, agree they are currently selling $40 M a quarter but that is all being ploughed back into phase 2. So potentially the govt/rebels could be nationalising/liberating a more mature asset. Until $$$ start getting repatriated we are pretty much doubling down on sovereign risk at TGS.

I'll be happy when the fear factor has been eliminated or even lessened at both these companies.

Cheers
Matt