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Message: Re.
It might but I doubt it will go too far. It's already seen way to low levels and maybe firms have bought higher since tax loss selling and will jump in to support their price and investment here.
Talisman has said nothing because they are waiting for the BAPE. It would be complete disrespect to announce anything without waiting for the report to come in. This is a crucial thing for Quebec, and saying we're going to go crazy on drilling this year without even a regulatory framework or incentives is a slap in their face.
I listened yesterday, and they made mention many times of a framework, but also financials. It is clear they want to see some sort of incentives in place and somewhat competitive royalties. They are holding their hands very very close and won't let out anything to shift any type of leverage or power they hold, you can bet on that.
You remember in 2008, Talisman didn't even care about Quebec. Then Forest releases news on their well, and Talisman puts for $100M right away on Quebec. Of course the market crash happened and changed things. We are exploring now, gas prices don't mean anything. We all know Quebec won't be exploited until 2014 anyway, but we have 60 wells to drill before then to prove it up and maximize flows etc.
I wrote this yesterday on the other board, forgot to share it here as well:
"So Talisman will do what it will do after QC throws out some concrete info on legislation and royalties etc. Canbrium will also go fracing their 3 wells that are already drillied.
I think we're really overlooking Lone Pine here. Forest Oil has been basically absent for a long time in Quebec, but their subsidary Lone Pine will be big. These guys are raising about $400M for exploration in Canada. Quebec is one of the few places they have in Canada.
Go to this link, it expresses their views on what they plan to do:
http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=7604150&SessionID=rpAvHj8AoL5mF27
There is a section in there that says:
"Develop large shale positions. We have significant undeveloped shale acreage positions in the Utica Shale in Quebec and the Liard Basin in the Northwest Territories, which are in the early stages of evaluation and have the potential to contain large-scale gas accumulations. We have achieved early progress in the Utica Shale through the drilling of nine exploration wells and the application of horizontal drilling and multi-stage fracturing technologies, which have demonstrated the potential to improve extraction efficiencies and economics. We plan to further explore each of our shale positions by taking deliberate steps to transition them into large-scale development projects. We expect to have a one-rig drilling program in the Utica Shale commencing in the second quarter of 2011. Additionally, we expect to evaluate our large shale position in the Liard Basin, commencing in late 2011, with the re-entry of an existing wellbore."
These guys will have their own stock listing and basically be a company on their own without any type of guidance from Forest Oil (USA) which has always called the shots.
Really looking forward to see what they can bring to the table."
I think we're really overlooking Lone Pine here. Forest Oil has been basically absent for a long time in Quebec, but their subsidary Lone Pine will be big. These guys are raising about $400M for exploration in Canada. Quebec is one of the few places they have in Canada.
Go to this link, it expresses their views on what they plan to do:
http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=7604150&SessionID=rpAvHj8AoL5mF27
There is a section in there that says:
"Develop large shale positions. We have significant undeveloped shale acreage positions in the Utica Shale in Quebec and the Liard Basin in the Northwest Territories, which are in the early stages of evaluation and have the potential to contain large-scale gas accumulations. We have achieved early progress in the Utica Shale through the drilling of nine exploration wells and the application of horizontal drilling and multi-stage fracturing technologies, which have demonstrated the potential to improve extraction efficiencies and economics. We plan to further explore each of our shale positions by taking deliberate steps to transition them into large-scale development projects. We expect to have a one-rig drilling program in the Utica Shale commencing in the second quarter of 2011. Additionally, we expect to evaluate our large shale position in the Liard Basin, commencing in late 2011, with the re-entry of an existing wellbore."
These guys will have their own stock listing and basically be a company on their own without any type of guidance from Forest Oil (USA) which has always called the shots.
Really looking forward to see what they can bring to the table."
Rocco
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