Surely the most efficient use of scarce capital, which was raised on a reserve multiple of around $2 per barrel (ie very low and therefore dilutive to existing shareholders) would be to extract a significant chunk of the known commercially viable reserves first, then use some of the mountain of cash generated to find more oil by shooting seismic to target deeper plays? Especially troubling given that salt domes are notoriously difficult to interprete seismic data on. Horse before the cart, puzzling decision making, struggle to produce the Proved reserves, heavily watered down farm in agreement, continual delays, excuses and sugar coating. Short.
FDM Price at posting:
60.0¢ Sentiment: Sell Disclosure: Held
