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Hi Jocam,

I think with VOY it could be argued that a multiple well program in its permit areas (pretty good territory) has a pretty good chance of getting a hit or two hence the odds of outright failure are not the same as it would be with a single well drill program. When you also consider the current VOY share price is pretty much backed by its current reserves and production, the downside impact of a dud well on share price is limited. I dont think you will see a 30% price plummet if a few of the wells are dusters... Hence holding through the drill program doesnt hold the same "gambling" flavour as it would in other circumstances.

Whats the difference? Well VOY is a producer with solid assets, and not really a true oilspec. VOY now in the tier not far below ARQ, AWE, HDR etc - insto's are now happy to buy these stocks and hold through a drill program, and they wouldnt be seen to be gambling would they.

I guess I am saying that with stocks like VOY the act of holding thru the drill does not carry as high a risk as other oilspec situations, thus to sell on spud is not always relavent or the best recommendation to all.....

acturtle