Ann: Half Yearly Report and Accounts , page-16

Cad1llac,

Well serial disappointment seems to be part and parcel of the junior oil game.

Whilst not as glossy as it looked 2 years ago, at least they still seem to have a business model with healthy full cycle margins, and with more than sustainable reserves replacement for many years.

I still struggle to see another decent small oiler with a business model not either dependent on gas, or on the big discovery.

Obviously a bit of capitulation, people had enough. A bit hard to know if a big holder reducing or whether it's perhaps a group of small holders under the guidance of a broker, or indeed just small holders had enough, as we've only seen 2% turnover in the past 2 days. High relative to recent volumes for sure.

I suppose if I weren't already holding I might be waiting to see the reserves upgrade before buying. But as I am still a (disappointed) believer I will just have to be patient as a holder.

EL