Re west Med - as the assets get proved up Id expect the company value to get a re-rating also (as partially has happened). This could be worth £250m+ in valuation before any income/production.
Re the risks - definitely no more risky than anywhere else as far as i see it and it's the way Ive always thought. I think that Gazprom now being an international player will benefit VOG. The company could ultimately become a take over target long before west med goes into production imho.
As for the find ranging from 500bcf to possibly 2.3tcf, Im inclined to see what happens first on the results of the other 2 wells. Also if the other specified targets come up with the expected condensate resources, then it may be all change again with the share price.
At the end of the day no matter where you are invested, it just pays to keep abreast of developments, an eye on the region etc. The fact that the directors bought a ball of stock 4-5 months ago indicates a lot more to come.
On top of all that, with the gas pipeline to Europe and Schroder (Germany) on board, there will have to be some benefits/pay back to UK/other countries investing in gas/oil projects in Russia.
Gazprom are pushing LNG (by tanker) sales to the USA east coast and I see that Heritage oil have just ventured into Russias' west Siberia.
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