inp getting slaughtered, page-5

Smegsy-1 is probably going to be in the range of 20bcf of gas, if it hits. The hit rate for gas is historically better than for oil in the Cooper, so I'd call it at least a 50/50 chance.

I'm not sure about GOG. I used to think is was undervalued, but the negative production test on Nutmeg is bad for them ... if you regard gas as worth $1m/bcf, then they need 20 bcf of gas to justify a 20c share price with 80m shares.

With Nutmeg a dud, the question is therefore "Do I think there's 20 bcf in Paranta" ...

While I think GOG is probably undervalued, and the upside to their exploration area plus Paranta does justify 25 cents, I'd prefer to own Cooper or Stuart, as I think they are more undervalued.

Enterprise I just flat-out dont like, even at 15 cents. They dont have good acreage IMO, and I dislike paying 2:1 for 20 bcf gas targets.

Ian Whitchurch