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Gold/Mining/Energy : Oil Sands and Related Stocks
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To: gregor_us who wrote (17514)8/31/2007 7:41:58 AM
From: RossA  Read Replies (1) of 25575
 
Long Lake overruns are 80%, not 10-15% - and still mounting.

Nexen and Opti need an army of squirrels to delete news releases, emails, etc. with the original Long Lake estimate of $3.5B. Since then, over 15 months, we have had overruns to $4.2B, 4.6B, 5B and now 5.3B - a net of 80%. And each time, they blame it on one problem (a different one every time) which they claim to have solved.

If anyone still trusts this management, I have several bridges to sell you.

Compare this Connacher which had a net overrun of 20% over the same time frame.
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