310843BI have been interested in EXR since abt Jan 2005 - in and...

310843B

I have been interested in EXR since abt Jan 2005 - in and out many times - some successful and many not.

IMO they have a leaning to chasing large, less likely projects - most of which depend on farmout in some form or anather. (e.g. their previous interests in 'whales' - sorry, Tigers & Leopards - in the Nth Sea!).

Their interest in the Moselle area for conventional & unconventional HC is another case which will ultimately depend on a successful farmout agreement.

PLUS - to me - the risk of the locals rejecting drilling in populated areas - the French are less likely to hold back on their objections - the govt may be forced to go along with them - they are voters afterall.

All in all, a fair level of additional risk imo, however, one must assume that our mgt. is 'smarter' and have this under control.