Ann: Block 9 - Maiden Contingent Resources, page-143

Disagree. Problem is that many have been building or rebuilding positions between 5.8 and 6.2, and until it breaks that range it is a range-trade. Volume is still roughly in line with y/day, and it will be interesting to see where the next few days take us. For now, 6.2 is going to take some decent volume to get through. But once it's through (and holds) it should run to 6.7 without too much angst.

Next week is April (even Melbana's management can't stuff that up), and we should have a month where we have the McDaniels 1A numbers (add them to 1B and we start to build a decent picture), and TD on A3. We seem to be drilling far, far slower than even the most hawkish person would expect, and I guess that is frustrating some holders. Assuming A3 is good (and by that, I mean API>24, decent pressure, oil to surface, no major issues etc.) and Melbana provides more detail of field development (upper sheets and/or Marti/Alameda) market interest will certainly pick up.

Add to that - we are starting to see some media pick up yesterday's announcement, and it is a matter of time before CUPET also chimes in.

Give it time - it will rise.

Kit.