PNG wants Total to develop "disputed" gas field

[SamAdams]

Yes, E/A is substantially all of the firm value, based on certification.  But the new managment and company has very little credibility at this point, therefore that future value is more heavily discounted.  I won't list all the missed deadlines this year, but executing on any one builds credibility allowing the market to assign a higher present value to those payments.  Current stock price relfects doubts/uncertainty as to ultimate size and timing.  You can say al you want its worth $200, $300 or $400 but all we have is E/A right now and a mgmt team that has run into issues resolving IPI, and all three exploration wells.  That and a weak tape and here we are.  Not at the end of the qtr yet so still time on B or R but MH put himself in a corner here.  Hopefully we don't run into those issue on cert wells.  The new team hasn't realized that they need to replace Lucy as the ball holder.