Hi entropylord,Yes you are right the Padulla last two holes have...

Hi entropylord,

Yes you are right the Padulla last two holes have been a dissapointment and could now mean that the field will not hold the 1mmbo.
Hopefully Dalray will still come in with the goods but since Padulla 7 did not deliver its looking a little more shaky.

Lucky enough they will move after Dalray first to Harpoona that will soothen the pain imho, before they drill the last Padulla wells.

But I believe that STU will go back to the $2 mark , because they are selling oil for more then A$100 per barrel and the hard cash will count in these uncertain times.

And another month and we can say goodbye to those painfull hedges.

Still should make the 1 million barrels of production in the next 12 months.

Looking at the overall market and especially the oilers its just crazy to see them s.ucked in the general negative trend.
We still get about A$100 per barrel for our oil and this means good profits for producers.
Still most oilers are down and good companies like PSA , HDR , COE, TAP all suffer at the moment.
The question is when are the fundamentals going to take over market sentiment.
Is Iran going to be our savour or is it going to be the oilers downfall????

Only time will tell I guess, but my instinct tells me to stick to my oilers for the near future.

Hope I am not wrong.

jojo