Buddha, you have hit the nail on the head...
This new revived commodities cycle is about new challenges, new discoveries in new lands which were previously perceived as unsafe due to politics, economics, war etc..
All explorations are of risk in otherwords however as you have pointed out within the risky sector of O+G, there are "different levels" of risk. Russia is about as safe as it gets...
If you (1tomany..) were buying into Iraq..I mean come on..?*!!
Even I would have to think very hard about that one..
cheers..
mags2.