RE:RE:Ithaca will have it day in the sun...and many will miss it!!I would say to your point earlier Crow that it could be between 5-10K BOEPD and would cost at bargain prices between $225 million to $450 million. Hopefully they ensure that the deal is accretive on a per share basis and the banking syndicate will lend them the money based on the valuation of the reserves (hopefully between 15 - 25MMBOE) and on the incremental cash flow. Management indicated to me that they are indeed disappointed wrt Stella delay but that there are some "good things in the train". They also reiterated that they have made it clear to the market that they are quitely hunting for the right acquisition in the background.
If they land even a 5K per day tuck in and as you indicate their enhancement projects surprise to the upside the production could get over 20K prior to Stella. However, there are planned maintenance shutdowns so they are not likely going to increase their guidance and if they exceed it great (for a change).
Just like Bankers went through a rough patch in early to mid 2012 and the market discounted their share price and created a fantastic buying opportunity (that I for one took advantage of) Ithaca is in a similar situation with the Stella delay. I think the old saying still rings true..."buy low...sell high"
I believe tha Ithaca has a very good BOD and management team and will prevail.