I noted your post re wondering why EnCore divested of some Golden Eagle in exchange for other North Sea deals.
Again you have to take what I say with some moderation but in my opinion and probably in reality it would not matter if EnCore had sold down to 5%. If the Golden Eagle does come in which is a major unknown, (look how many dry holes are drilled in the world probably offshore 1 in 10 and in certain circumstances 1 in 20 according to geological risk) then EnCore would not need a higher % to benefit in a major way. If my memory serves me correctly then Edinburgh Oil and Gas with "only" 5% was sold for approx £3.00 a share. I know the EnCore prospect well enough to know that if it does come in then the figures that you see in the public domain would have been massively understated for potential reserves. Remenber this has to come in, so the fact that this prospect cost them nothing bar time in the first place and the well is costing them nothing to drill as Apache is covering the cost should really be factored into their downside if it is and could be non commercial. If the prospect was not worth drilling then Apache would not have committed to a well.
I can see why EnCore divested down to 15%, I suppose that this is the majic number for the management whom would have done their risk assessment that the company feel comfortable with. The fact that they did divest of some of their stake is just a well worn business principle for the management team whom come mostly from major companies Enterprise? who would be well versed in risk reward ratios.
Lets hope that someone gets rid of our cretin friend and his cretinous rhetoric. Do not filter him as one is only feeding his noxious mind, fuelling his regressive, rancid and obviously circumscribed erudite talent.
Del, nice to here from you albeit from this board. Why dont you talk to our mutual friend Curry so that we can re ignite our old friendship.
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