Originally posted by cujo
The thing here is FAN1 found oil but as posted previously the jury is out whether its economical.
SNE found oil and was more of a success where an oil column was quite large albeit net pay was not as large.
All the SNE wells besides the first and last were appraisals so it was expected that results would confirm the initial discovery.
The further North they went the result tells everyone IMO that it was a separate oil structure as in SNE north so that would say to the operator where the SNE field might have stopped and wasn't connected.
Same as when the went West with the well I cant remember its name which was a tad disappointing.
SAMO had one well already drilled very close by which was only oil shows.
So in hindsight and the shorters made their bets that SAMO1 would not be a carbon copy of SNE.
That was all a very valid punt IMO as no way in the world there would be a continuation of SNE all the way down the coast where it was already proven SNE north was a separate find and not connected to the main field.
These guys who took the punt are very much smarter than anyone on here.
They don't gamble on hope, they gamble on probabilities.
so,.I'm curious..why did you buy in and not just short if it was so obvious to you?
(20min delay)