spud ceremony pictures, page-3

Not at all, but spudding a well and finding oil are two different things. Even though I'm pretty surprised they have actually managed to spud, it isn't time to crack out the champagne yet.

Remember the Georgia drill had unforseen problems? And that was in an area that had previous wells drilled. There's no guarantee we won't have problems here also. There's no guarantee oil will be found. If it is found, there's no guarantee there won't be major conflicts over the oil. The fact it's taken 5 years to get this far is indicative that not all is well in Puntland.

I'll say progress has been made today. But a company making moment this is not. Just because it's taken years to get to this point doesn't mean it's suddenly job done, sit back, relax, and in a few years reap massive dividends because we hold 20% of another Yemen basin. There's plenty of potential problems in the way first.

Feet on the ground.