RE: CGX ?? Albertadriller, you don't just hire a rig and start drilling without doing the 3D seismic to more clearly define the drilling target. But who says they even have intention of drilling? If One of the other players in the region such as Chariot or HRT who are drilling this year finds oil, EOG becomes a highly attractive take out candidate with nothing less than a $1 billion valuation. Even in current state they could be a take out candidate just base on their NI 51-101 reports and if UNX Energy got taken out for $730 million for their offshore Namibia blocks with only 2D seismic completed, who knows what EOG could get by year end if they go the take out route early?
Also, why drill your own wells when there are so many already planned for the year by other companies? Any find at one of those wells and EOG value sky rocket without them taking on major financial risks of drilling their own.