big picture is the drilling of pep 11

Plenty of trader's views today, but those who paid above the closing price need not fret in my opinion because the recent frenzy of buying has not been about anything else but the Offshore Sydney Basin PEP 11 - the big picture .

It will be drilled within months and the success of the drill entails the potential of Trillions of cubic feet of gas (possibly oil also) directly adjacent to the largest population centre in Australia .
The drill rig availabilty is very good, the drill location is in only 75 metres of water and only 20 km's offshore .

When the spud date (date of drill initiation) arrives you can bet your bottom dollar on BUY being much higher than the highest price today (17.5 cents) . Media will be following it, oil majors will be watching, downrampers will be stressing, and you will be hard pressed to find a more anticipated drill in Australia . I have a spud shareprice target of 45 cents and I expect the shareprice to spike and consolidate all the way till spud and then we will know fairly quickly whether PEP11 is going to make us all very wealthy .
Exercise some patience and tolerance of disbelievers because there is no doubt in my mind that we will all be extremely excited and wealthier in months to come as PEP11 is drilled .

I'm not particularly perplexed about the placement because the shareprice last week was around 7 cents and the volumes traded will absorb any opportunistic placee sellers . Many will realise that holding those placement shares till the drill timeframe and a shareprice in the 40's will reap more reward than a quick scalp in the teens .