Ann: Petsec 2011 AGM Chairmans Address , page-14

GFC

Collapse in natgas prices

Deepwater disaster

failed exploration strategy

I guess we can blame Fern for the last item


I held ROC many years ago, I last sold at $4 now its 40c

Seems to have a track records as bad as PSA, worse actually if you check the 10 year charts
PSA I prefer despite the generous board remuneration. Its targeting exactly the type of prospects I want as a speculator. If you dont like the plan dont buy

Anybody who has a buy and hold attitude to these stocks is in the wrong game. these are for trading. You try to get in as cheap as you can and then at the first chance get your capital back if it rallies and take the free carry. If they drill a company maker everyone is cheering and you quietly exit the position

the odds are normally stacked against you, but at these prices its game on for battle hardened speculators