Southern Man,
Great Post IMHO. One of the few that actually portrays a realistic assessment.
Even if they do go to Phase II (and there are no guarantees) it will be years before they have an accurate idea of whats down there. So far I haven't see any verifiable statement that gives me reason to be encouraged with the first 5 wells. The Danagas report was certainly not encouraging. I can't say that Peters statement yesterday was all that enlightening...or encouraging.
According to Platts...and the Guardian...Chevrons Block 1 was not commercial. Exxon bailed after the first drilling. Just goes to show that there are no guarantees in any of these drillings. Even Chevron & Exxon...with all thier expertise...can't guarantee success every time.
ERHE's 2 new assets in the EEZ are a great addition...since they were free. Doesn't mean they will be winners...doesn't mean they won't.
So why would Sinopec want to pay SEO big bucks at this point? I agree that if he would go away for peanuts...well, that's another story. ERHE's percentages are not much of a drag on Sinopec at this point. Sinopec controls the operations in the JDZ...ERHE watches...and listens. It will be the same in the EEZ.
It's stunning what ERHE has accomplished so far...but these assets are only worth something if commercial hydrocarbons are actually found. I was a lot more hopeful prior to the Danagas report...and my posts reflected that then...but that report was a warning flag to me. I wan't to see something encouraging...in print. Message board posters with their secret sources do not pass the smell test...not for me.
Badog
News 
Market Data 
Discover 
AI
