Wasn't it the same situation for APCO? One drill didn't show enough on it's own...but I assume it was enough to encourage them to drill more? After drilling more they found it was enough to substantiate the infrastructure.
In Chevrons case I would guess that I'm safe to assume the first drill was not enough to encourage them to drill more...like APCO did. Chevron has nearly a 70,000 acre block...with several potential prospects. Block 1 was thought to be the best block of the bunch...and Exxon bails before even drilling a second well? Now Chevron? That's where I thought there is something wrong with this picture. Exxons bail-out price did not indicate to me that this was a block that they had any interest in. And the price that Chevron gets from Total will probably confirm this IMHO.
That's why I have to think that the first well was not encouraging at all. I assume that Chevron and Exxon have a war room with projects on the wall...where they meet and decide which ones to keep and which ones to bail on. When they bailed on OBO-1 I was shocked. So does that mean that it's one of their worst prospects?
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