MMT.v: Long Lead ? It's hard to take things at face value with Mart.
How about a permit to drill, or agreements with JVs on capex for the year? Maybe they all just figure they don't need to finish UMU-10 til late in the year for updating proven reserves by end of 2012. Think about it; there's no way to produce UMU-10 until a new pipeline is in place and hooked up to Shell's pipeline.
If there are any particular materials (pipe liners or larger drill bit, for instance) that have been ordered and not delivered for drilling UMU-10, I'd say mgt is using materials as an excuse for late start when good management would have had the materials ready on hand.
IMHO, it's more likely that UMU partners aren't ready to throw money at drilling costs yet since they can't get drilling costs back til UMU-10 can be produced (mid-late-verylate 2013, depending on the Nigerian clock and management focus).
Focus Focus Focus Focus !!!!
