Similar opinion from me but sometimes investors need to trade in...

Similar opinion from me but sometimes investors need to trade in this little sector to survive.

I also concentrated on horozontal drilling plays (as Gerkin has) and made heaps on SSN//SSNO. I don't need every play to pay off if there is a 10 - 20 bagger in the pile BUT times have moved on and good cheap prospects are no longer cheap.

SO for what its worth I'll be reasonably happy with maybe 2 bags on AZZ in the medium term. Compared to other plays AZZ was overpriced (given the price of gas) but is now reasonably priced in comparison to what else I can buy at the same stage of development and risk.

For 10 - 20 bags I'm afraid you need to take more risk and leave the lower 48 of the US ... be the play in Tunisia, Kazakstan or where ever. There are some interesting Aussie oilers dealing with vuggy limestone problems off the Philippines and a prospect of more gas on "tap" locally but this also comes with high risk (as happened to OEX last year).

Then there is buyback2 ... which can I guess put a bit of a floor under things when the markets become volatile.

cheers