It boils down to the geographic and geological analysis and an efficient and knowledgible drilling team. This way the drilling team will be drilliing in the correct locations and their speed and efficiency won't cost months worth of delays. I think TECO has been a bit too confident in their ability to hire the correct drilling personel and provided little oversight during the drilling process. To add insult to injury; they want to hype flow rate results prior to achieving any as though the analysis has zero risk associated with it. I think Andrew is a good businessman and can negotiate funding deals while realizing respectable returns without giving away the farm. It's always good to use other people's money; especially when you don't have any of your own. On the other hand my bet is Andrew surrounded himself with executives who had unlimited funding in their past jobs such that a few dry drilling projects never hurt the bottomline. Now when they drill and don't hit oil; TECO and shareholders face delays, costs and ultimately an increased share structure. Combine enough misses with the shorting manipulation and they will find themselves out of business faster than they can say "oil". It's time for those 400 BPD recently PR'd. Then they will have the money to pay for bigger deals and additional drilling. Longs and shorts can pump and bash all they want about the stock but in the end it boils down to good business practices and extensive knowledge of the oil business. Otherwise we are all out of business.
Posted On: 01/05/2013 9:26:34 PM
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