Biotech Values

[DewDiligence]

[OT] Charlie re HES: Thanks for your reply. I have two very specific questions:

1. Please read this PR that HES issued yesterday morning:
http://finance.yahoo.com/news/Hess-Provides-Update-on-BMS22-bw-15423545.html

To what extent, if any, does the wording of this PR increase the probability that the well just drilled by XOM is dry?

2. Last Thursday (May 28), on a webcast by APC at the Sanford Bernstein conference, APC’s CEO, Jim Hackett, and an oil & gas analyst had a brief exchange about “HES’ dry hole” and “what HES did wrong.” Although I cannot confirm that Hackett and the analyst were talking about BM-S-22 rather than some other project (and APC has declined to elaborate), for the sake of discussion let’s assume that they were talking about BM-S-22.

Does it make sense to you that Hackett and the analyst knew about a problem at BM-S-22 last week given that HES’ share price did not begin falling until Tuesday of this week?

T.i.a. Dew