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Jimmy23 is correct regarding the farmout market. L. Bottomley has touted many times that seismic was acquired at the bottom of the cost cycle and that the current drilling is also being done at the bottom of the cost cycle. He is correct. The majors also know that this is the bottom of the cycle for farmin deals and that cash starved startups will be tempted to take any trash deal they need to survive. It is both scary and risky for CHAR to drill this well solo, but given market conditions, they would have had to give away the farm to get a deep pocketed partner. I think that they chose the right path.
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