operational report, page-14

I held this a while ago and bailed in the low 2s for a sizeable %loss. This project seems beset by problems and I don't think you can say "the prospects are good for xxx barrels of oil - the oil is there we had the shows, it will be out soon" - this is what the initial expectation and message was back in Nov when it was 4c. Even if the oil is there, the project can still be a spectacular failure, and it becomes like the frog in the saucepan as the water slowly heats to boiling point - he does not notice until the end. Here we are treated with long delays between actions and the action (so far) has been a fail each time (but with a positive spin - e.g we have oil and it flowed at 1200 barrels down the road).

I know there is a chance that in xx months there could be xxx barrels of oil pumping, but you have to wonder how likely this really is. Looking at the trend line should be an indication. Also, don't be thinking it can be getting much lower - thats what I did when it hit 3c on the way down...

Sorry for the negative post but it just feels like a lot of those other oil plays that don't deliver over the years, but still carry on.

cheers
MD