Putting things in perspective Granted this was a very bad way to present it in a PR and the fact that we have 430' of sands and 11,700 BOPD production got lost in the noise level.
I am not too happy about the communication but let's try to put things in perspective:
Mart estimated production for 2011 is around 1.8M barrels
Field production for 2011 is around 3M barrels
AGIP said they were loosing 11% on the pipeline. At least 3% is due to temperature change of the oil.
The actual loss is is 210,000 or 7% of total production. Not the 11%
60% of that is Mart's. 130,000 barrels
Expect some better news to come soon.
Even after the write down I expect Mart's revenue in Q1 2012 to be a bit better than Q4.
Cheers