IMHO, we may nudge 3.1-3.2c today but I am strongly of the view that failure on the first drill was already priced into our current sp of 3.4c. Galoc is still pumping like Phar Lap's heart which is somewhat comforting. However we need to remember that Boni has a very low percentage of success and the third drill has been put back til later this year. If we come up empty after Boni is drilled we may test the mid 2c level until the build up to drilling SC63. Unfortunately, it's just the nature of the market and offshore oil industry at the moment.
Just sayin'
IMHO, we may nudge 3.1-3.2c today but I am strongly of the view...
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