Yeah, its good. But only if there's oil in the target...

Yeah, its good. But only if there's oil in the target formations. Yeah, yeah, I know about Nannagai or whatever it was, but still a way to go. The science could still be wrong - but at least today's ann. shows they've got some of the mapping right (albeit a little off in a way that could be good for BAS holders).

Today's action show's you how easily the market is spooked over fictitious rumours. NXS only started to seriously bleed when the wireline logs were run on Grayling - and the news leaked about them - up until that happened there were still some big buys going through (especially after the reported two zones containing HC's). Zanegrey isn't even at depth yet, let alone breached the target formations. First ann. we'll be looking for I guess is the appearance or not of hydrocarbons. Hopefully the former. Remember also that the same crew on Grayling are drilling the Zane.

I'll be keeping a close watch on BAS - but it will take a lot more than what happened early today to make me sell out. If its at target depth and starts to bleed, I'll certainly reassess the situation, but not before.