RE:RE:Response from Les
Crow suggests, "Maybe they surprise us and we sail a bit early".
Well, I think the market is now consideringt the opposite; the unspoken. What if the proceess falls apart and the platform never leaves the yard or is delayed further - yet another year and into 2017. What's Ithaca worth then? Zero given their debt.
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Of course this scenerio has a very low probability but market sentiment is a fickle thing and I think the stock may well sell off until the Company is able to come out with some rock hard agreement with Petrofac to deliver - if that is even possible.
There are lots of things that can go wrong before the platform is on site and oil is flowing, why take the risk? Right now the results of 5th well are nearly completley insignificant and any shareholder would trade whatever it will produce in exchange for having the completed platform set sail in the next three months.
If, in the worst case scenerio, the platform isn't on site and producing at Stella when the hedges are all off and if Brent is still trading at under $75, what do you think Ithaca will be worth then? I think trading will refect this remote possibility over the next weeks and months.