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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: elmatador who wrote (123988)	9/2/2009 4:39:50 PM
From: JimisJim	10 Recommendations Read Replies (1) of 206092

elmat: I'm on Tupi right now, and believe me that nobody who actually works in oil thinks PBR is anything but a world class outfit. Things seem to be progressing here and there aren't any indications that I can see (or have heard discussed) that there isn't a LOT of oil in the Santos basin... And PBR still says its hurdle rate is roughly $50 oil... However, I'm picking up hints here and there that the hurdle rate they're claiming is on ave. for all of their holdings worldwide and don't necessarily apply to any of the sub-salt fields as it slowly dawns on everyone concerned (including us contractors and sub-contractors) that this is going to be tricky oil to produce economically... they are certainly not going to stop going after it, but there are some snags/delays creeping in (which is not unexpected by any means) and PBR is rebidding some of their W. Africa stuff now... my gut feeling is that PBR will press on with the sub-salt because of the enormous amounts of money involved, regardless of what the price of oil is in the near term, but they may not be in as big a hurry as they once were... again, only natural and probably the wise biz decision at this point. Jim

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