Put it in the right perspective
posted on
Oct 26, 2009 01:19AM
Developing large acreage positions of unconventional and conventional oil and gas resources
Ok everyone, let’s exhale an audible sigh of relief. No one was able to come up with a shred of evidence to prove that Exxon’s quitting the Makó trough. Sure, there were a few reckless opinions, but they are nothing more than conjectures at this point. In my opinion, and I think that I’m also entitled to an opinion; after having spent $50 million on the Földeák-1 well, Exxon has fulfilled its contractual obligation in the JV as it was described in the Initial Work Program. In addition to the Initial Work Program, Exxon drilled 2 exploratory wells on MOL’s exploration concession in the Makó trough. Now, Exxon has 4 months to evaluate the results from these 3 wells, and they certainly will use that time. Then afterward, they will make their decision whether they move forward to Stage 2 that is also known the Appraisal Work Program.
I think they will. I know that some of you point to the fact that they had encountered serious difficulties; however none of you know what else Exxon has learned in this Initial Work Program. So, let’s have the cool heads prevail here, and let events unfold as they surly will.
For full disclosure I’m holding, and may even be accumulating.