why such a big drop, page-37

Wayang,

From listening to the brr, I was not entirely convinced either that they would not need to raise more money (or borrow). However. as the requirement should not be until late 07 at earliest (my est), plenty of time for exploration success in both Angola and Beibu first, and perhaps even a rally in the poo.

Must admit though that these midcap oilers are all starting to resemble cash black holes, as do most of the juniors.

I weakened my holding at the last rights issue, and will not be adding to my position, no matter how cheap they go. May even review selling after first round in Angola.

If oilers can't get cashflow positive at usd 60/bbl, when will they?

EL