Good morning Gerkin,,,,,,, I am still in there with you mate,...

Good morning Gerkin,,,,,,,

I am still in there with you mate, although at a considerably reduced capacity..!!

I'm still holding about $20k in my self managed super fund,, where time is no issue,, however i felt compelled to do " damage control" on the major holding in my private trading money, as the recovery time of 12 months or so, is just too long for inactivity,, relative to my entry price that is..!!

I took a very big hit on the sale,, but have redirected the funds into highly productive areas, and have recovered around 85% of the loss..!!

The current situation is much more stable than a few months ago of course,,and that's good to see..
I'm pleased to see James C. is still there, and if anybody can get the company's SP back to long term holders entry price,, James can.!
He's the one with the financial nouse..!!

More recent holders, who were game enough to enter, will be making plenty of money..!!

The downside at the monent is the lack of market confidence, which takes time to overcome,, and i therefore expect any success to be somewhat under rewarded by the market for a while..!!
Unfortunately,, we will be a target for tax loss selling for the next 4 weeks,, unless the SP can move into the high 20's.

The upside gained by H-2 success is very significant for the company's financial recovery, and will make a big contribution to the forward looking strategy..!!

Upside also in the better than even chance of success on the West Wharton follow up wells,, Stewart-1 etc.
Some risk here, because the follow up wells do not target the same fault blocks as in Outlar-1,, but will all be individually separate..!

However,, confidence can be borrowed from the case that the , seismic and geology, are very closely aligned..!

I believe that the main driver for the SP will eventually be the revisiting of Rowena tennament,,, which still holds enormous potential for success IMO..!
All of the problems associated with JF-1 were caused by the well being too close to the fault line,, and they won't do that next time..!!

It will be a big advantage to shareholders if the company can have a second attempt before the end of this calendar year..!
The current US gas prices are also a very big assistance..!

We will eventually get our money back on this one mate,,, but we'll need lots of patience..!!

Hang in there "K"

Cheers..!