unloved and unwanted - or so it seems., page-51

Invertedva. This market only acts on results and sadly, we will need to wait until this ann is fully absorbed and probably until the drilling commences, then the results. Reg Nelson sounded as confident as ever that the 300TCF in 218 will be replicated in 855 and if Halifax delivers on those numbers, as he fiully expect it will, then we can reasonably expect a re-rating of both BPT and ICN.
ICN only has to deliver to Shantou a reserve certificate of just 2TCF of 2P by 31 march 2103. 40% of 300TCF should go satisfy that very easily. That GSA is "worth" around $30 billion and ICN has a Issued Cap of only 469 million and a Market cap of just $95 million. The "sums' don't add up do they IF the results are proven?
So, now instead of waiting another 2 months just to get the Ensign rig, because of the great results from the vertical well in Encounter, we can use a conventional rig to start Halifax THIS month!!
How strong a message does that give the market that ICN and BPT are prepared to think outside the square and work together to speed up this programme!!
Very exciting times for both BPT and ICN in particular, but, market conditions are such that we still have to see the proof in the pudding before the SP is re-rated.