why i still hold., page-11

The incentive debacle didn't faze me overly, fairly common behaviour. That announcement a couple of months back eroded a lot of my confidence and now sitting on just shy of 50% from previous 2012 holding after taking some profits early last year (wish I'd taken more :).

Appreciate O&G will throw up challenges much of the time and able to tolerate learning curves. However TB communications have been generally poor, and began to wonder if judgement used in these is similar to his operational judgment, regardless of what is in the ground. Also recognise on HC that we can be fairly demanding, impatient and sometimes naive in our expectations.

Holding remainder as bought in Mar 2010 so am free carried and would hate to miss out if SP rebounds in the next round of drilling. Always liked the SSN story and as Prophet points out, we have been dealing with exploratory wells. We know the stuff is in the ground, just don't know if SSN can get it out without continually pissing funds down the drain.

So still in, though SSN has dropped from no 2 in my small caps portfolio to 5 and have revised my expectations accordingly.

Good luck all holders and lets hope SOA and Defender bolster our lingering faith before the next round of drilling.