all doom & gloom, again...

Gotta love all the stuff going on at the moment with the SSN shareprice....... this is now becoming REDICULOUS.

Am I angry at what has (or the lack of) been happening, you bloody bet I am!!!

So, what can we take from the 10Q? What's changed, bugger all really, a few extra acre's picked up (which was already alluded to several times anyway) and a massive Payroll & Admin Expense, because everyone has done such a wonderful job over the last quarter to deserve this....... But were we really expecting anything materuial to get released in here, I know I wasn't. One last thing about it is that TB must be taking the mickey when he mentioned that the facilities on Gretel wouldn't be finished until June and that the frac plugs were still being drilled, how long does it take to drill out frac plugs??? Must be a new record of a frac plug a week!!!

Now to stop the whinge for a bit. If you don't think SSN has been oversold you are a dead set mug. At these levels all 4 wells in the process (some have been for 6+ months) of being completed have been given no chance of success and the market is flipping us the bird and saying that our acreage ain't worth squat and has no chance to succeed.

Now, do we really believe this?? Again you would have to be a mug to say yes. Of course as everyone knows these appraisal wells have been mighty hard work for us all, but what appraisal wells ever go smoothly, very few. As I keep harping on these are APPRAISAL wells and as much as the oil coming out of the ground is valuable, the knowledge learnt from these wells will be just as valuable in the near future.

So even though this massive pullback is frustratng and painful sit back and ask yourself, is it justified? The delays and incompetance to complete wells probably did justify a bit of a pullback, but at these levels SSN has been completely oversold. If I had money I would be purchasing at these prices as it is definitely now in a buy zone.