junior oilers 12/13 july, page-22

re: junior oilers 12/13 july...fro were Thanks for your thoughts Were, there may be an element of sour grapes in my treatment of AYO, I just wished I had loaded up following the Adatepe disappointment. Might not be another opportunity like that for a while.
And in relation to Pedro's comment about the date for the exercise of the options, it is of course September 2004 and not this year and therefore the Whicher Range drilling will have no short term impact on AYOO.
Just on cash flow, the Aegis report does make intertesting reading though if I am not mistaken it was commissioned and paid for by AYO so you would expect it to be upbeat. I am just a little troubled by the slow take up in sales and wonder how Adatepe can be put into commercial production when the company is still struggling to increase sales from the Gocerler plant. At least the company doesn't hide the fact that it fallen behind its projections for gas sales.

I see Intersuisse has a spec buy recommendation on the stock. It has calculated an EPS of 9 cents per share for 2003 "putting AYO on a P/E of 10x with EPS increasing to 25 cents in 2004 and P/E falling to 2x" Accordingto Intersuisse the stock is very cheap on this basis (and PSA even cheaper???)

Trouble is right now the stock is hostage to the outcome of Yesiltepe 1 so the opportunti to buy has perhaps passed momentarily.

Agree with your thoughts on PSA's media relations. Guess the management must have taken a lot of rude and angry phone calls a couple of years back so that now all they want is for their results to do the talking. We will be told when the next West Cameron well has commenced after the spud because we won't be given any forewarning of the spud date. Nor will we get any drilling updates. (ASX only requires weekly updates anyway). Beginning to think I like it better that way. All over quickly without any of the titillation of the Yesiltepe 1 reports.

Cheers, JBC