probable reasons to selling: the company's capital raising last...

probable reasons to selling: the company's capital raising last year was disappointing to investors who took part as share price continued to get hammered after that. may be those losers are trying to boycott this capital raising?

second, AUD is trending up against USD and is looking to continue the trend with RBA is seeking to increase interest rate next Tuesday after established home prices rebounded healthily in June quarter and increase in consumer confidence in August. on the other hand, US is set for another stimulus, which further weighting on the dollar.

crude oil is trading sideways from trend for sometime now. may be people are seeing further falls to crude oil? anyway as i speak, us crude oil nov contract has risen to 69.50. i think it will stabilise around this price. not to worry.

after studying this company for sometimes and even with all those factors above, i have been buying into this from 28, 27, 26, and today 24. holding 500k units avrg 26.5 cents. at 23.5 cents, i think this one is ridiculously cheap! this year's earnings will hover around 2.8 to 3.5 cents if nothing unusual occurs. but FY 10-11, with lesser financing costs, i expect its earnings to be around 5-6 cents not adding income from further successful drillings. making P/E of 4 or less for this company, real MAD for an energy company.

take my word, buy hard on this and bury your paper proof as a holder into your backyard. dig it up 2 years later after they announced their fy 10-11 report and reap the rewards! BUY!