RE: Trading by appointment The "tough crowd" has no assurance that Agip will keep their pipeline running with losses that are acceptable to Mart and others that use their pipeline. They also have no assurance that the new pipeline can be completed with an approved crude handling agreement this year.
They are probably concerned that UMU-11 has not spud, and that the horizontal(s) and vertical exploration wells have also been delayed, probably due to lack of capex funds.
They even find it somewhat exasperating that the big discount for pioneer status runs out at the end of this year and we will be using all the oil that can be produced this year just to pay back Agip, that is, assuming that Agip actually does pre-pay Mart/Midwestern for all the nominated oil that never got shipped.
Speaking of Mart and Midwestern ... once upon a time there were plans for a merger that was a win-win for everyone involved. Uh, it seems like nobody could be convinced to go thru with it since the production stoppage that started late last year has cost them much of the cashflow that was intended to help pay for the deal.
Guano happens!
Regards,
'peeker