IOC PR: Raptor-1 Flares gas and condensate

[SamAdams]

This is not shorting, its lack of buying.  While the SB coverage is a feather in their cap, how that research recommendation gets translated by thier institutional sale folks and presented to instituitonal managers is the key.  IOC still suffers from a lack of credibilty in a wide swath of the buy side community.  I won't go through why as that's been covered by many here but it still exists.  I am not sure what turns that tide.  Sometimes it happens when least expected.  More coverage helps, but execution and hitting deadlines is what works over time.  While Raptor may not immediately add much value from a financial modelling point of view, I do believe exploration success will build credibility and I think the delays, for whatever reasons this year, hurt them on this issue.  Arbitration getting settled will also help as well. I think those doing the work won't wait for detailed confirmation from the certification wells to place their bets but will probably wait until other risks are removed or diminished, such as exploration and arbiitration.