Eagle Deep From the April 13th presentation page 12, Gustavson and associates in 2008 gave Eagle deep a 20% COS (Chance of Success). In 2011, with the Zeadyus well hitting 39m of pay from the Turonian level I would expect that the COS would increase based on that. Add this to Repsol being the operator with Tullow being the assistant coach and one would think are chances are pretty good which begs the question...why are we not seeing a bounce here. I am going to be patient here but the lack of a bounce with these odds of hitting and the potential HUGE payoff leaves me perplexed. Are we here that believe that much smarter than the market?
Looking at the house positions since the news, RBC has been the biggest reason for us not to get a bounce, selling 7.6M shares almost double the next biggest seller anonymous with 3.9M shares. However, today RBC was net buyers...and the fun continues tomorrow.
G.