from cue thread, page-2

Hi Doc,

Interesting points. I usually speculate most 'spec-energy' stocks from a BESBS (and occasionally a Buy on Bad News BOBN) perspective.

While I agree with you - all these factors will reduce the potential level of immediate good news and therefore somewhat lesson the attraction for traders - don't underestimate the psychology of traders.

This drill is still targetting a large potential target. Any positive announcement during the drill will give confidence to traders (look at CTP's quick climb once oil shows eventuated). Prior to drilling, the potential target is still big. This is still an attraction to traders who sell into early news during a drilling.

I'm still confident that we will see nice gains made up to spudding (From a SP of 36c, I'm hoping for 25-40% but happy for more!)