On the face of it, this is a surprising announcement since they appear to have decided to go straight to a production test without completing the logging. What Conoco are saying is that they believe the resource is there, the only question now is can they flow it at commercial rates. I haven't seen a decision like this in close to 30 years in the business and it is a huge vote of confidence in Poseidon. The rig rate, including contractors, support vessels etc is probably close to $1 million/day so to commit to another 20 odd days is showing serious commitment. You can also be confident that they expect it to flow. This is all good - sell at your peril.
vote of confidence
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