re: Ann: Gibb Maitland No.1 Weekly Drilling U...
I agree that the downside is limited because of NSE's cash backing. My final top up was at 29c, with an overall average of about 50c. I was all out at 28.5c -29c. I keep a very close eye on this one and will get back in if it drops further before any tangible results come in. I agree the sp will probably shoot up close to 100% overnight if there's any sniff of oil or wet gas down there - that would be the biggest downside by being out of NSE now. My biggest fear is that the oil may have migrated else where, if they find nothing but dry gas then the likelihood is that the sp will drop to cash backing, by then there will be plenty of time to pick an entry.
No body can stake a claim that the odds of finding oil or wet gas is high, so we all lay down our bets and wait. I do sincerely wish that they will find wet gas or oil, for the sake of all Canning Basin players. I will happily get back in at 50c if that is the case.
NSE Price at posting:
27.0¢ Sentiment: None Disclosure: Not Held
