RE:RE:OIl is ThereMy faith in this company is 100% contingent on Statoil. I'm still in it because PFC has manged to attract the top performer in the world in oil discovery- Statoil. That being said, with each Statoil failure, my faith in this resource (not in Statoil) is dwindling. If Statoil can't recover anything there, than no one can in my opinion. With each duster they come up with I'm letting more of my position go. Sold off some after this latest news. I remain confident in Statoil's ability. However, if they don't find enough recoverable oil I fear they won't move on to phase 2. And they have to find enough oil to validate spending lots of money on developping infrastructure for this remote resource. If they do not go to phase 2 PFC will retain a much higher interest in this acreage than they have now, but who's gonna try their hand at it if Statoil couldn't do it? It will be very hard to attract another partner.
Don't get me wrong, I'm not bashing, it's just in a risk environment you have to know when to call a spade a spade so-to-speak. My investments are based on performance and results- lack of performance and results merits less investment.