patience, page-30

Thanks TShirt,

I was predisposed for a few weeks when this news was out and missed a lot of what had happened.
I agree with your comments to Filbert and being cautious I readily support.
I was reading some material recently around the Solimar reduction and this play was based on the size of the reservoirs that they had identified from PD1 and then PD2. The obvious reason was the cost of the future development however, to reduce your holding is indicative to me of the size of the find at Paloma. For Solimar the return based on a reduction by way of percentage will I suspect still give them a substantial return?
I say this looking at a high level and the Solimar announcement 29 May 2012
“Solimar has met all its obligations on that discovery well to date but in considering the potential substantial size of the oil reservoirs identified and the future cost to appraise has agreed with Neon to modify the terms of the Farmin Agreement and limit its increased position to 15% with Neon retaining the remaining interest.”
Neon and Solimar identified that they were on to something that could be substantial and I think this is being proven as we speak.
Although it has been slow I am confident that Paloma is bigger than a lot of people may realise and if a farmin is required then this speaks for its-self.
I am not ramping, but I am of the view that when Paloma P1 & P2 is released the price will rocket and this will be well before Vietnam.