re: Ann: AuDAX Finalising Farmouts for Sicily... dmaleny,I sold...

re: Ann: AuDAX Finalising Farmouts for Sicily...
dmaleny,

I sold ~ 1M shares on #2 ann @ 12.5c in anticipation of the shares tanking; but! they took of - to me unexpectedly - so I'm left lamenting. I have researched and debated ADX for some time now and, foolishly, thought I'd be buying back in now at sub-10c which may be still on the cards for this high risk, high potential reward play.

Funny place the junior oil casino; take KIK for one example, after selling out of Tunisia to AuDAX - two successful wells in the Philippines (Tindalo and Yakal) and the sp tanked each time going from about 18c down to about 5c - the CEO stated "Thank God we didnt drill three" in an Investor Update, slide 7, May 2009.

I like ronstieb's statement above "We follow these spec plays over the years and gradually formulate strategies. In ADX's case, and due to their previous false starts, I want to see the money.
All too often taking an early position in a spec gets punished with a heavily discounted CR. It's a bit of numbers game, follow 10 plays a year and hopefully get 6 or more right".

A philosophy I try to follow; but a hard row to hoe in the junior oilers when they are 'going to drill tomorrow', raise capital, and delay until 'later' only to repeat the process over & over again as they pay the Execs & Directors a few million more options and they all enjoy their lifestyle with funds ripped from the admiring shareholders impressed by the glitzy presentations that promise it all; "four dollars fifty a share" shouts Wolfgang at the circus AuDAX 'if' Sambuca is successful - and we all pony up a few more of our hard earned dollars - just in case...

There are the exceptions; some have made it to the big-time; ORG, for example, mc $500M to $15Bn in 10 years, much to the delight of long term holders

I don't put KIK into this category as they head for Q2 production, but they appear to be well run and keep their shareholders informed (as many are & do) as their share price regains ground; which of the 140 or so oilers will be the next multi-bagger?

The thrill for the punter continues - much better than the flashing lights of the poker machines!

dmaleny, I promise not to contemplate and watch too long; thanks for the advise though.