well Kensho....folks rated your post 5 stars!!!That is because it was worth the rating. My post was based on a very reliable source that things are on track and it is true that sometimes we can know just enough to be dangerous about a particular subject. Side tracks are meant to dial in an optimal drill hole. Most would not know that Kensho and draw from dry side tracks that there is a problem.
We are all constantly learning.
Ithaca appears to be a ball dropper but building an E&P in the North is a very tough job.....much much harder than a land based one operating in Western Canada or the US oil shales.
Ithaca is unlocking a lot of value with Stella and then the GSA, but they have had their share of set backs for sure. Les Thomas is a real pro and is hitting issues dead on but it takes time for the credibility to build. The company has taken on a mammoth task in developing a 30K bbl/day field in the wild north sea. If it works out as they expect it will create major opportunites for the company and its shareholders.
However because of delays, very poor weather and largest standby fees for idle rigs last winter the company's debt levels will get up to levels that they likely did not anticipate. Hence the prepay option with Shell. The good news of late however which mitigates this credit risk, is that Brent is over $110 per BBL and they are currently producing over 14,000 BOEPD;
The rise in share price has been delayed because of the delays with Stella but will occur eventually, so it is an extended waiting game!