RE:RE:RE:RE:RE:Takeover target?I tell you what, show me one instance where an NOC or supermajor bought shale land after one or two exploration wells. Better yet, look at CNE's shale properties.
VMM2 - Exxon, one drill that is delayed by about a year from its original schedule. If it gets down to the Rosa Blanca, it will take over a year to test the 5 separate shale zones in the well (Rosa Blanca, Tablazo, Simiti, Salto and La Luna) and that is after the geochemistry is complete.
VMM3 - Shell & Conoco, one strat well to do the geochemistry, but no test. Generally it takes a minimum of 6 months to do the geo chemistry.
Santa Isabel - no stated plans from Conoco, but likely waiting for info from VMM2.
in summary, by the end of 2015, they may have the results from the first completion in the VMM2 well with Exxon, but I wouldn't hold my breath.
This is is why CNE is smart. They made it so they didn't have any shale commitments and have reasonable working interest. In the meantime, they are successfully chasing the conventional reservoirs. Compare this to BOE, who went all in on the shale, blew all their money and now have to sell out. This is the difference between good management, like Mr Gamba, and poor management, like BOE has.