and agian....., page-2

Biggest, nothing has changed. The real value(low risk) is in the North Sea which we won't hear much about to maybe late this year or q1 2006. Magnolia is still scheduled for June and might provide huge upside if its a successful wildcat. The Appalachians are useful but small cheese until a multitude of wells prove up the fields. This project is the only near term development. At worst its being delayed,otherwise I expect an announcement about spud dates in the next 2-3 weeks.

Talk about India/China/Middle East is interesting but it refers to a longer term project that will have little influence in the short term.

At the moment the sellers are mainly stale traders who unreasonably expected the price to keep rising in the short term.

Right now sellers could be hurt if the Appalachian announcement is made as it will push the price back up. Conversely a lack of comment on these wells will see the short term price drift down.

The current price does not make fundamental sense as a risked valuation for the North Sea Assets, their various prospects and huge cash balance value the stock well north of 15c. But the market is the market so for now investors may suffer some short term paper loss and traders jumping will suffer real losses.(depending on their entry point)