I have not been watching NEN closely as I have been in serious...

I have not been watching NEN closely as I have been in serious trouble with a few of my gold plays. My oilers are doing great compared to the goldies. NCM; SLR etc.

Anyhow, I think we wikll see 28c prior to spud. I think in the current environment anything much higher is less than a 50:50 bet. I had expected 40c at spud with the price rising another 10 to 20c before first announcement after the first drill. I still think there is 10 to 20c in the SP during the drill. Of course knowing when to lock in some profits before the announcement, is the hard part.

I plan to buy a fair bit more before the spud. The second well underrights about 75% of the SP. i.e. if the gas well is no good, SP down 25%, with about 50% of this being regained during drilling of oil prospect. When you only have one left, things are viewed a little differently.

Now the NEN Vietnam situation is almost unique in that we have a number of goes at success. First well - multiple targets. Then second well.

What we need are a few good announcements re other NEN assets, to push up SP say 10 -15% and then get Vietnam boost.

Do your own research. Investing in oilers is a very hazardous, but potentially rewarding experience. (I know as I own a small part of two permits in Qld that now have Shell as majority holder - we had found oil but Shell not interested in doing anything about what we have)