Ann: Operations Update, page-36

I'm not precious about that stuff.. You can have the PSD if you want, it's all good.

In terms of the announcement, it's disappointing but not exactly unpredicted given there were a few of us thinking we might not find out conclusively until next year anyways. In a way I like keeping it for next year as part of a bigger program given any failure can be better hidden amongst other drills.

I had already lightened my load (mostly REY but some BRU) after Senagi dusted the other week and was then later stopped out of a BRU CFD position after first halving it so i'm not particularly emotional over it. Just trying to trade the ups and downs and preserve capital to re-inject for any drilling next year. In a way the Laurel testing is a bit annoying as it's buggering up a simple wet season/dry season play where I'd normally just wait until the middle of the wet to buy back in.

We had two years of hold ups and then got some long awaited activity. I'm not particularly annoyed at them providing they deliver next year. And I don't mean success, just a lot more drilling starting a lot earlier in the season. There were three trend drills and two of them were very promising - one still is. I understand I'm looking at it from a LT geological perspective but it's an ok result providing we get a bunch of drills next year. The previous drill had everyone worried about things being tight. Now they are too porous. It's kind of a good problem to have LT even if it's a total pain ST.
4ish oil drills and 3-4 gas drills all in the trend plus existing testing would go down an absolute treat if they could get that happening which of course isn't guaranteed.

I still honestly think the biggest potential ST driver is Ungani oil. Theoretically that has the most ST bang for the buck. But success in the Laurel and a big farm out while we wait for the dry season would obviously move the SP quicker than waiting and rolling the dice again although I'm not in anyways suggesting that is going to happen.
ST you want success in the trend as 100mmbbls at Victory or whatever would put a real rocket under the SP. LT you want the Laurel to be proved up and economic.. We'd be selling oil years before we sold a cubic foot of unconventional gas and it's sort of investing in exploration vs investing in corporate activity.

In a perfect world I'd like to see them delay announcing Laurel results until early January, let the SP put in a definite bottom and pile back in with the portion of capital I preserved, probably going deeper than ever before, but I understand lots of holders just want any kind of good news as soon as possible.