CUE is dancing to its own tune now which is understandable given its diverse production and exploration portfolio.
My following post is more applicable to MEO/MOG with regard to buy early sell before spud gains (BESBS), but I reckon it will get ignored/shouted down on those threads.
I note in todays GOC preso that the post A#1 well analysis will run over 1H 2011, which implies any followup well wont be drilled until 2H 2011.
MEO have previously stated A#1 will not be production tested. Hence the A#1 probe well only costs around USD40mil compared to a contingent followup well budgeted at ~USD60mil.
Therefore, I'd expect modest besbs gains ahead of A#1 given we wont get a production test, wireline logs could be inconclusive and take some months to analyse, and any followup well will not occur until 2H 2011.
Comments ?
CUE Price at posting:
33.5¢ Sentiment: None Disclosure: Not Held
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