makes $7mil for dec03 half year, page-10

Hi B2,

I like Voyager and was impresed with John Begg's presentation at the Good Oil Conference last year. With their interest in Jingemia and Cliff Head they have real money coming in over the next couple of years (though they will have to find some capital to fund their share of Cliff Head development).

They also have an interest in those adjoining leases which seem to have potential. In short I think VOY at current prices is a good buy for a bit of "buy early sell before spud" appreciation or for a long term hold. Its far less speculative than it once was. Short term I would say they could go to 30 cents in the next couple of months.

If I didn't think PSA has a real chance of hitting $2 by the end of January I would be shifting some funds into VOY.

You might also want to have a look at SUR, good management, plenty of cash in the bank, and recently farmed in to PCL''s Malta leases". Sun Resources is another I would buy into if the folding stuff was available, for an appreciation this year.

Cheeers, John C