RE:RE:Petrofac's RecoveryWhen the new chief took over at Ithaca, over 2 years ago now, the design of FPF-1 was reviewed and altered. It was assumed at the time that this was due to the flow tests for the first GSA wells being stronger than expected.
Not that I would suggest that this was the primary cause of the delays for this project, but it did cause some initial delays.
The key point here is that if Petrofac had any doubts about the current timetable, we would have been told when Petrofac reported in February. Any further delays from here are likely to be an inconsequential week or two here and there.
We now have a high probability of Stella first oil before winter and a high probability of a steadily rising oil price byn the end of the year. A lot of money should be made by Ithaca investors who can avoid the urge to take early profits. The key here will be to ignore how much the share price has risen and to assess the value of the shares solely based on forward earnings and growth relative to the current price - easy to do this at current levels, much harder when the share price has risen another three fold.
Doug