CONTINGENT IS VERY GOOD NEWS...Hello Everyone,
The fact that LFD moved a substantial amount of oil from prospective to contigent is great news. It means confirmation of oil in place contingent on an event.
The main event which was of course was the political one whether KURDS PSC contracts would be honored by IRAQ. Over the weekend we had confirmation that this main contingency had been resolved and passes in to law in June 2011.
Most people are still digesting the news, I expect rally to begin once everyone has understood the implications.
Hang on, this is very bullish.
JMHO