Actually, I don't think Europe will precipitate the liquidity crash. At least not unless Italy goes down. I think that if there is a liquidity crash it will be precipitated out of China. There's been a couple of decades of corruption fueling "growth" there that is to my mind illusory. Vast tracts of developed property sitting empty, etc. and the loans for them are sitting unserviced on bank's books.
Well, a couple of trillion in reserves probably pales in comparison to the problems sitting in their banks. Plus, a lot of those reserves are US bonds. Bond values can go down if a feedback cycle gets started.
I don't think it would make sense for me to comment on them. I don't know that much about the company and drilling really needs to be looked at in it's totality to get a feel for what the drilling means. Sorry.