Ann: Drilling Commences at SM-6 well in Gulf of Mexico, page-57

Some comments on current status:

- 88E is the old Tangiers...which had an epic duster in Morocco a while back...so never, say never . I'd expect them to start rubbing off on OEL soon. Compare the pair. No brainer imo...4 times smaller market cap but 6 times the cash, zero debt, with a virtually identical play in Alaska except the tenement is a lot bigger and 2 other high quality plays, where 88E only has the one in Alaska
- BYE has never had huge daily volume or interest no matter what. Its highest volume on a single day over the last 2 years was about 1.9m shares traded. Its average is aroung 50k per day. That's tiny in anyone's book so I would not read too much into the BYE reaction. It's just sticking to its spots and on such low volume SPs can fluctuate heavily
- OEL my sense was today we saw the last of the big supply come through at these levels and that we will go up a few pips again from here. But it is still early days for the drill and the name of the game for now is accumulation, and as an accumulator this far out you would want the SP to go as low as possible.
- Also technically speaking the spike on 11/2 was big enough that it was always going to see a fair sized pull back short term purely because of profit taking and lack of immediate momentum because the drill results are still a number of weeks away.

A game of patience at the moment imo...law of gravity says it will start heating up in due course...the day traders are watching... and we might just get a sidewinder announcement out of Tanzania. If the PoO tracks up as I think it might over the next month or so, it might be good timing for the GoM drill.