severely discounted....why?, page-11

Agree that Palta has little or no downside. Not sure that I agree with GA about doing the second Matuku farmout. A success case there with 35% equity in 65m bbls recoverable would have sent the SP into orbit so raising the money (via farmout or CR) wouldn't have been a problem but it would dilute his control. The current scenario still has plenty of upside but am concerned he will sell down more of Winchester as well. Market is in love with cash atm but is starting to flip. Yesterday was the strongest single day mkt move for many years and we may well back up with another today (wall st up +200), one enduring lesson with the SM is never underestimate the power of greed. Unlike the current cash hunger, it is an enduring force. Looking for big things from OXX over the next couple of months and GA will be looking to do more deals yet IMO. (Personally, I want him to increase the OBL holding).