STO $6.86, page-34

"I think SANTOS is improving but just 60 cents over valued at the moment."

You must also think that STO was 60 cents overvalued at the time you sold 30k at 4.47, right? Anyway, nothing wrong to have a New Year wish.

It is interesting. Shale does not has natural fractures as the conventional sandstone has . That's why need fracking, but fracking can only induce so such fractures around the hole, and the oil drains/drys quickly from the limited artificial fractures. Therefore, they have to keep drilling more hole just to maintain the production. If they want increase, they need a lot more, exponentially increase.

Note that the shale oil production is 6% of global total production, but the US rig count is larger than rest of the world combined. A MIT article pointed out that the productivity improvement in US shale in the last couple years is largely attributed to 'drill at sweet spot' rather than technology advance.