On the bright side

[admin]

I think we can safely say that most of the underperformance on that time span is produced by the market reaction to the deal with Total. Now, while perhaps the $/Mcf was lower than what was expected, there is still the possibility that this will turn out ok:

- Appraisal of E/A. I remember the stories about people arguing Total thought there was only 5 Tcf.

- Additional finds. Yes, the drilling is excruciatingly slow, but sooner or later they will get there..

Add in the uncertainty caused by OSH's claims and it's no terrible surprise..