So why chase offshore Canada? A massively expensive and hazardous location. BP’s website says they won’t even start drilling till 2020. If a discovery it will have VERY high dev cost and several more years to prod. High negative cash flow for years. Another swing for the fences like Falklands?
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“We should buy hotdogs”
Already have, just look at our exploration portfolio, comprised of lips, tails and toenails.
We should buy hotdogs
You missed the part where they mention ExxonMobil, Shell, Total and Eni are looking in Egypt, Cyprus and Lebanon. They’re avoiding Israel. The big boys prefer chasing the much larger ENI Zhor field equivalents, NOT Leviathan type. Better export potential and chance of payback in those countries. As for Permian, forget it. ExxonMob isn’t about to pay an acquisition premium when they already have all the acreage they need. Face it, NBL stock isn’t going anywhere.
just read where the really big boys, ie, Shell, Exxon, are now ready to enter into the Eastern Med arena. They are about to drown out the little boys in the Permian this year with Exxon spending 4 times Nobles supposed value in this year alone. Noble would make a great acquisition for Exxon. Gets them more Permian and quite a bit of already discovered reserves in the Med.
Noble should give up on exploration. Repetitive history of failures by the New Ventures group proves their leaders lack the basic competencies required for the job. What they’ve been doing instead is essentially gambling. DS would be better off speculating on crypto currencies. Might even make some money by converting geo computing systems to Bitcoin mining.
in addition to gross overspending on exploration projects, DS GW and Cue Ball Kenny also mastered the art of buying high and selling low. Take market value of company and subtract price paid for Rosetta and Clayton Williams and see what you get.
“Innovative risk taker” my a$$. Offshore Canada is just another example of little D-a-v-y pretending to be a big boy now. He has no idea what he’s doing there, yet insists he must. “That’s what big boys do”, he says. And so he does, tagging along with big brother BP and straining on his tippy toes to look taller. Poor little D’s too pumped to realize he’s in way over his head. His oversized ambition and pride can’t change the fact that he’s still only a runt. And so it goes. We’ve seen it all before: Marcellus, Falklands, Nicaragua, the office complexes and more. It never ends well. When does it stop? Not until an adult shows up and sends little D and his friends packing. Don’t hold your breath.
It’s true that DS is way below average as a CEO. But truthfully CD left him a house of cards. There was never ever plans in the event of a turn down. Noble was doomed by the time DS took over. Their only answer was to sell properties and layoffs. I’ll give them credit. They have mastered execution of layoffs. They have done it more often with higher numbers than anyone else in the industry.
DS is the worst of the worst! Look what he had done to the company, he took over when it was top notch & now look what he has done! It is the worst worthless company in the industry
this project shows that DS is an innovative risk taker. He's 61 and maybe this will help give him another year or two. Then, we get an upgrade?
Meanwhile ExxonMobil is selling their stake in Terra Nova. Time to double down D-a-v-e. Like the old saying goes, one man’s trash is another man’s treasure. Go for it Big D!
Probably as expensive as a Falklands development, maybe more. Way out of Noble's comfort zone.