re: Ann: Windermere Oil Project - Shareholder... Among the gloom...

re: Ann: Windermere Oil Project - Shareholder... Among the gloom of the global economy (we can't even get some ridiculous shirts to liven things up at APEC these days!), BAS have announced that Windermere is underway.

Key points today included:

* drilling pad being constructed
* drill should spud around early December
* 2 weeks to drill from spud
* Daily reports to the market upon spudding

From a trader perspective, BAS has some appeal:

1. Windermere -1 is actually happening. No delays...it is on!
2. It is a small target (not a positive) but being a former oil discovery, it takes on more of an appraisal feel, so this helps to compensate as the chances of a successful drill are heightened (although, as always, never certain).
3. Capital Raising covered costs.
3. The SP is within 10% or so of annual low, and it is supported by the recent CR at 2.5cents. Despite the general market, this is a relatively stable SP platform to enter.
4. In the main, BAS have managed to gather some day-trader support for drillings in the past.
5. Daily Reports are helpful to traders. This allows one to follow closely the progress of the drill rather than wait on weekly or even more random reports.

If the Italians can finalise a change of leadership, the greeks can stay afloat, the French can offer a tight budget to keep their AAA rating and we get some better news from the US shortly (and these are sizeable ifs to be fair)- especially as we head into the festive season - then BAS might yet bring some pre-spud activity.