some decent buys, page-12

Hi Stelep7,
On my end it shows nearly 52m on issue, it may be incorrect. Either way, a serious amount shares traded within two days and very difficult 'what to make out it'.

Therefore, I decided to call the director and discussed with him why so much trading occurred with the mention of just 'shows'. He said the media has been blowing it out of proportion and he had read it himself in newspapers, etc, media articles saying "Enterprise Energy Strikes Oil" and couldn't believe how the media exaggerated when it was early days still.

He also said the market is going nuts over Oil at moment and it seems to be favorite of the month. I replied with, US$56.00 a barrel it's not surprising!!..I asked are you expecting Oil prices to come down? He said, No, not for a long time yet..

I said to him, I was shocked to see how much the share price had risen..

He replied, there has been a lot day trader activity and suspects as to why the share price had risen and dropped suddenly. He also said, there was no cause for alarm since they only reported on the first 9 metres of the Hutton Sandstone and had another 600 metres to go as yet. (He felt that investors had overeacted)

I asked him, I heard there could be about 4 - 5 million barrels with Nulla Nulla-1?

He said that was a conservative figure and their data shows up to 27 million barrels from Nulla Nulla-1 !! And we believe we will see at least 4 - 5 million barrels as we continue to drill, the next several hundred metres are important to us, we are very interested in the Jurassic area. The Cooper basin has had great results and we expect this to continue.

I asked, Are you expecting it to be commercial?

He said, Yes and will profit $50.00 a barrel AUD, the odds are good. I asked, 50/50? He said, Not 50/50 no Oiler gets those odds, but the odds are very good, we wouldn't be drilling if we were here to lose money, we plan to make a profit!!..


Then we spoke about Yellowbank-4..

Anyway, it was kind of him to spare some time, overall I would say judging by his positive remarks and technical explaination regarding the drilling and the cuts from the drilling that there was more to come.


So I would expect buyers will come in again for another run. Worth holding on.


I hold now..

Cheers,
Ace.