reserves and production, page-19

I am not as comfortable with the quality of the company's oil reserves as many brokers' anylysts have been in their recent research reports.

If those largely volcanic-hosted oil reserves are as readily producable as their classification implies, then why hasn't this collapse in production been remedied at a stroke with a couple of new volcanic wells?

The classificaton 'reserve' implies that all that oil can be profitably produced. But I am no longer confident that all the oil in these particular reserves can be.

As a result, I am not comfortable with the reserves, the resulting valuations, or the share price projections that are being derived from them.

So my buy order will be going in at 12c, if at all.