b2 to joanne73 & dingo37, page-3

actions speak louder than words B2,
Nice to hear from you.
Not sure why the sell-off is occuring, but I think it is interesting that there are such diamatrically opposed views on this stock. One group says we could be onto a real winner here, whilst the other says management are corrupt, there are no resources discovered and we are all going to get burned. Funny how both groups seem to have holdings in the stock though and keep tuning in on a daily basis, isn't it? :-)

I think what we are seeing is some people latching onto their previous convictions. Their interpretation of announcements is being clouded by their long-held (and I do mean long!) views on the stock. Therefore those who were skeptical all along, will try and justify their stance by interpreting words one way, whilst the bullish crowd will proposed a differing alternative.

I have always believed that actions speak louder than words in everything we do.

Take the companies involved. Forget what they say, here's what they are doing.

1) Every well drilled has been cased for production., NOT plugged and abandoned. Casing can add 50% more in cost to a well. Why incur this cost (on 5 wells to date) if there is nothing there? I can maybe understand ine well, but ALL of them?
2) The JV is drilling its 6th well on their acreage, with the likelihood that they are going to retain the rig for even more wells.
3) OPL has hired a new VP to oversee this asset
4) Both OPL and NEO exercised pre-emptive rights to take a larger interest in the project.
5) The block 13 pad has been extended to accomodate even more wells
6) Testing rigs now in operation

Personally I look to the evidence and I think its pretty convincing. So why the selldown? They just tested a bottom zone (one they probably were'nt expecting to encounter), and it was tight. There had to test it first, before they get to the good stuff they were targetig with the well. Big deal, there are lots of zones to test, and they are never all successful. Let's wait and see what the primary zones reveal.

I think it is more interesting to ask why is there support for this stock? People keep stepping in to buy (especially in recent days) when everyone was a seller. If I want the stock and am convinced of its fundamentals, why would I push the price higher, when people are content to sell? Profits are more a function of the price you buy at, than the price you sell. There will come a time when the sellers wil run out, if the bulls are right, and it could be soon.

Finally I think it is strange that there are naysayers who bag the stock and then reveal that they have holdings in the company. If they really thought the stock was rubbish, why don't they move onto other stocks. However they not only continue to hold the stock despite their ascertains, but they take time to continually post on a stock that they claim has no future. Strange that their actions are not consistent with their words! I only see 3 interpretations here:

1) They possess a self-destruct attitude and deliberatly want to lose money (assuming they are right!)
2) Deep down their intuition tells them this is a winner, but they are too proud to admit it
3) They hold because they secretly like the stock, and want more on the cheap. aka downramping.

How's that for a conspiracy?

I hold, see little downside from here, but am not as big a player as most here.
Jo