oil, page-28

Buckland if anyone had listened to your posts they would have sold at the bottom and sold before the Commanche result. Your sentiment is the opposite of the direction of OTE.

Most objectively, you predicted the combined flow from both Commanche wells would be 1 bopd. Over 100x too low on just one well. And flying in the face of the reality that the flow without Fracing was well above your prediction already.

You rang OTE and was told that the money owed to OTE from the lakes was being held in escrow until all the details of the agreement with Sanchez was finalised, which had just happened and OTE would soon receive the funds.
Yet you only told HC that OTE said it had not received the money and did not know where it was. Which in my book appeared deliberately misleading.

Now you imply that OTE is running at a loss. Again misleading. OTE is finally making more than its obligatory costs. By my estimates OTE administration/wages costs are about $1m and it is now earning about $1.5m per year. So it has a bit left over to spend on exploration.

It is not appropriate to compare the start up costs of a well to just one quarter of earnings from a well. The costs of drilling and fracing are a once off and the earnings will go on for 5-10 years. OTE can calibrate its exploration to funds in hand. It generated $3.5m in funds for the purpose of exploration. The have not yet used half and they have made one game changing discovery that in all probability will earn tens of millions. And has put its earnings above non-exploration costs for the first time.

You can continue to try to rain on OTEs parade Buckland but soon the market will properly value OTE and that will be higher than current value.

Rumot