I agree, the board will talk everything up (within SEC limits) and RL did a good job of making a dry hole (ok, one with shows) sound like a big deal. Fact is, and RL said it himself, so at least there was some honesty there, that they thought they were drilling deepwater fan sands not shelfal sands. So thinngs move on and they have to learn from the new data point. The question for me is why residual oil? - no trap? no seal? or breached trap? and are there implications for other leads? On the previous JV deal, if I recall it was declined because HDY thought it would be giving up too much (although terms were not disclosed). Now, HDY are in a more desperate position and, well, you don't need me to spell out what that means. But, should get a well drilled and if that is successful, great. My view, however, is that HDY were too exposed for a small relatively weakly capitalised company and it would have been prudent to have diluted to manage risk - all that cash would still be in the bank and the residual % would not be any different from what they'll finish up with anyway. This is not hindsight, by the way. I have believed this all along.
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