RE:I can't believe you guysERTguy wrote: although the risk might be less significant in other oil and gas plays, there is far more upside potential here than most of the other plays on the market. It seems POFS1 has left a bad taste in a lot of months but everyone seems to forget the fact that final stages of
tie ins are near completion and all everyone seems to be talking about is how bad Ithaca is performing when they aren't even constructing the damn thing. Get your heads out of your arses. Cheers
ERT, the other thing that many on this board seem to forget is that this project is now over three years late. And I get it, this is water under the bridge and we can only go on what we have in front of us. But for us who have been here since at least 2011 when IAE released their GSA and Stella specific strategy, this journey has been fraught with delay after delay after delay after delay. From a management perspective this has been a sh i tshow plain and simple. So if you hear complaints from some posters about this company and you get frustrated with them, just realize that your level of frustration is miniscule as compared to some on this board due to management's complete incompetance on this project. Hopefully within a couple of months Stella will be producing and a lot of us can get out and say good riddance to this project and management team.
From IAE web site
Oct 11, 2011
Management forecast that first hydrocarbons will be in H2-2013 at an initial annualised average rate of approximately 30,000 boepd (gross). This represents a higher rate than previously advised by the Company, driven by optimisation of the reservoir management strategy and the ability of the FPF-1 to handle higher oil rates than those of other development solutions. Management forecasts that gas production from Stella / Harrier should remain on plateau at the gas processing limit of the FPF-1 for nearly three years.