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Greg: You state the issue well. Just as I tried to state it,. I say the oil is "proven" for the purposes of everybody. You say no oil company will make a reasonable deal until the drilling and testing is done. I agree that the decision makers in majors are mostly risk-averse bureaucrats, but they are not stupid, not slaves to written regulations and wooden words like "potential", and the like. Maybe I'm wrong. If so, the major in question will pass the deal by unless its officers can literally take a swim in the stuff. It cannot possibly be that they will not gamble at all. How did they get so big? Your description of their mindset reminds me of the White Knight in Alice in Wonderland, who kept a mousetrap in his saddle, and when Alice said, "Why do you do this? Do you really expect to find a mouse in your saddle?", he replied, "No, but if I ever do, I don't wish to be unprepared!" I will believe that the business of finding and developing oilfields is conducted thus when I see it. I have been privy to the activities of majors in both production and marketing, and have seen them as conservative, but not stupid. Again, I assert that this is not a garden variety case. Here they know the oil is there by means not usual which have been pointed out on these threads ad nauseam. You just will not accept this because it breaks the routine pattern. I'll bet you that the majors, their officers and boards of directors will accept it. The unique ness of this "story" is exactly what makes this stock so thrilling. We'll see. Geneat |
