I observe the dearth of information regarding the rock characteristics of the recent wells that were being flared to reduce gas pressure. Normally such wells would be drilled to a point well below the high pressure gas/oil interface and the gas pressure used to produce any oil that's present. This field (in part) is reported to have sufficient permeability to produce without artificial stimulation and enough porosity to contain a significant volume of liquid hydrocarbons. The fact that sophisticated investors have bought into the latest offer suggests to me that shareholders like myself are not being anywhere near adequately informed. Par for the course I suppose.
FPL Price at posting:
1.9¢ Sentiment: Hold Disclosure: Held