Reposted from the other forum courtesy of Angus. The huge part is the rumoured bid from Total. Its just a matter of time before we see value in our discovery so relax and enjoy the spike in oil price last night. Thank you Angus.
Hi guys, I wouldn't normally share a personal email, however given then mood of late, I thought this might lift some spirits or at best give some insight into what's going on behind the scenes.
Thanks for your very kind comments, I'm glad you like the blog. I do get plenty of emails and genuinely cant reply to many of them but yours is worth saying a few things.
The very recent fall in the price is for two reasons, both technical. There was a big line of stock being badly sold by a Perth broker which was Mondays problem but there is a short seller around as well.
The overall problem is that Conoco have made it clear that they are offloading their offshore portfolio including Senegal although the process is not hurried. Senegal has attracted a low bid from Total as I understand it which is not acceptable and Conoco has said that it will at least go through with two appraisal wells and then be the operator if that is the best way of securing the value.
Accordingly I think that the partners will probably make out from the discovery sooner rather than later.
I haven’t written this up for the blog yet so you are the first to hear my latest views!
Kind regards
Malcy
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