new permit in china , page-9

The permit is close to their existing facilities and you are correct that discoveries would be connected to existing platforms and cheaper to develop. I am sure drilling won't occur for 12-24 months. I think with oil price falling , and ROCs very capital intensive period the market probably wasn't enthused with idea of more spending. The truth though is Brent is 110 with the dollar sub 100cents therefore cashflow impact of falling poo has been very limited - but the market works on sentiment. ROC being most leveraged to oil price - ROC will continue to come under short term Presure until oil price stabilizes