re: selling depth..or when is the takeunder, page-4

re: selling depth..or when is the takeunder Sushi, I accumulate at these levels because when the train finally departs I don't want to be left on the station platform without a ticket because it is likely to take off quickly. I now have 60% of my targeted holding and will buy the last 35% only when an uptrend is confirmed and I anticipate an averaged entry price of around $1.36 - $1.40 with a mid term target of around fair value ~$1.90. Sure, with the benefit of hindsight I could have a lower average but the POO and the large seller or capper came from left field and either could change overnight.


I look forward to seeing your calcs on the company, what we don't know is the level of decline vs the current production. But even before you plug in the the variables, if as the company stated they were pumping 6000bopd net in October 06 you would think it would now be closer to ~ 10,000 bopd after tying in the recent successful development wells. Even at $50 per barrel thats USD$182m gross revenue for oil alone. Then there is the $10m PA worth of gas they have just found on top of the $23m PA they were already producing, allowing for decline lets call it $30m.

If these figures are anywhere near correct you would expect Eric to be shouting it from the top of the century rig, but why isn't he? An where is the much predicted rationalisation of the mid tier players in the industry, perhaps the current crop of CEO's don't have the stomach or balls for it?