Sometime back there was speculation Statoil might have a crack at BPT or shale in Australia.
Yesterday Petrofrontier, Statoil's current Aussie joint venturer, issued an update to the TSX on activities in South Georgina basin. Didn't look too bad to me but Petrofrontier lost 28.5c, a fall of 42.4%.
May be an over reaction but shows why it is good to have a solid conventional business with unconventional as cream on top.
It is a long way back when you lose that much in a day.
when shale goes bad ...
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