where we are now with pep11

Let's say there are no HCs from this drill.

Take comfort from fact there was no anno today as increases chance the anno on Tuesday will have more meat than if it was released today, regardless of HCs. On balance this drill places PEP11 in a stronger position than before, though recognise the market won't treat it that way beacuse of the timing until the next drill.

Believe we'll see more interest from majors as a subsequence of the drill - environmental concerns almost neglible now, more confidence with future approvals, 85% Advent and more time for 3D seismics for next drill. And the next one after that, until they locate the gas.

And while everyone is giving brostart a hard time for his exuberance, let's not forget this today from Ya:

"The mkt just needs to know what the secondary target came up with. Thats why the suspension till 4th of Jan, as they need to: Run a complete suite of wireline logs at TD to assess the reservoir (if present with or without HC's)"

The folk being dismissive of this drill are missing a few vital points:

1) it is not over and any quotes from DB do not convery the activities underway
2) PEP11 is now on the radar with a safe drill performed and possibly "exciting" new data (whether HC or not) to add to resource base
3) The project will magnify in scope and interest, including with majors, which will have a bearing on the stock during 2011, i.e don't expect it to languish until the next drill lol.

Have a great NYE tonight and best wishes for the year ahead.