Here's a theory for ya
they already know or at the very least have a good idea if well #5 will be decent or basically a duster, lets say it's a duster, soooo knowing they won't be drilling for a while and with no new reserves, with stella planning to run at 30,000 boed gross (16,000 net to iae) at the start, they know this field is not that big and they will have decline rates, probably within the first year, or soon after sooooooo. if this is the case and they bring stella on sooner than later in this price environment there is no way in helllll they will be putting a significant dent in the debt. no one knows what opex will be when stella starts up as there will be some glitches getting this thing up and running and any underwater glitches will be very costly. sooooo my guess here is that this delay could be on purpose cause they know they are fooked without much higher oil prices. just a thought obviously this doesn't seem plausible if well 5 is a very good well
cheers ferret