Report : APCL Farm out to TOTAL, page-105

These guys have been through downturns before and all that was needed, arguable a lot less 18 months ago would be absolutely peanuts to these folks.

Take FARs 80% they just acquired for an upfront cost of $5-6m and $8m I think it was in credit for the first drill costs. They might have gotten that for less upfront 18 months ago like FAR did with DJ. It doesn't matter what the oil price was this is a rounding error to these folks. It's a very inefficient sector and the likes of FAR have good advantages here, just short on cash to take full advantage of it. Would have thought even CNE or Kosmos would have taken advantage of the situation better.