Having been previously bagged for touting the value in SEA when its price was a long way sub 20 cents, I believe SEA has essentially played price % catch up in circumstances where its production development was always and remains a long way ahead of SSN.
SSN had its price run up when the niobrara sale was anticipated before 30 June whereas at 30 June SEA remained materially undervalued. IMO it remains undervalued based on a read of their quarterly.
If shale oilers were valued on shale oil booked reserves there would be some serious price crashes on the US markets. SEA recent share price spike is completely underpinned by its current and 2011 97 well bakken drill program, where SSN has limited further sustainable upside without infill drilling. SEA expects to hit 900 BOEPD by December and 2000 by the end of next year, with virtually no niobrara contribution.
Both have plenty of upside from success in the niobrara, which I fully expect and I haven't sold any of the SSN I've held all year.
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Having been previously bagged for touting the value in SEA when...
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