With only Perth Basin, Yemen and Adelphi activities to report in...

With only Perth Basin, Yemen and Adelphi activities to report in near/medium term, and price stabilising around $1.50 after the recent annual report, I think we should see a steady rise in this one. Yemen looks good, Perth Basin relatively low risk, and Adelphi likely to continue bringing good news, hard to see any more seriously bad exploration results coming up again. I had thought it would drop more on last NZ well, but their strong cashflow and reduced exploration expenditure this year should underpin the price now.

Potential for large impact from shale gas in Perth basin over long term, but that will take a fair while to prove value.

Under $1.50 would also be too tempting as a takeover target, so I see downside as very low risk now.