Overall the small speccie oilers had a good run in 2007 to early 2008 as the oil price exploded, but they fell a lot afterwards and many are now being valued around cash backing with little regard for their virtual in ground oil (eg CIG went to 18 cent now 1 cent, OEL went to 50 cents now 10.5 cents). Just check out the likes of CUE, NXS, BPT, ROC, PSE, HZN, and KEY which I have followed and owned. Even AWE a mid sized producer is being priced around its 2006 level when I first bought it (I sold out).
Lots of goldies are below their 2007 or 2008 high (eg NGF, NAV) despite gold being at a higher price. I think you will agree that the market views risk differently now to what it did in 2007. Therefore shares now move on the basis of a somewhat different set of criteria.
However, it is worthwhile to keep a look out for possible neo goldies with potential. Perhaps those exploring overseas are the best propsects - AMX and BSR are examples of two I disregarded but have taken off. It appears they had a following by some with a better insight into their potential.
