General Thoughts, page-6987

I'll indulge - nice chart. Yes, this could very well be an A, B, C, correction. I think the difference here, is that this recent friday move has been driven purely by Shell news, and introduction of uncertainty - ie, completely unexpected by the market. Also, valuation wise, pancon really needs some directly related fundemental catalysts to definitivly break out of this trading range higher (ie, wds confirmed farm-in, seismic analysis snippet/volumetrics, third party partner joining us, etc, etc). I think major support circa 0.015 - I'd be surprised to see this break, but anything is possible when people become fearful.

My quick chart, very similar to yours. 3 year long term uptrend which has largely been complied with. Triangular consolidation wedges (which we *may* be entering) identified by the three downward trend lines, and also a firm fundemental catalyst deadline, the wds decision. Macd coming down on the daily, simlar to many period of consolidation in the past,stochastics bottoming. Looking objectivly at the chart - yes, last week might have been a sell; and 0.015-0.017, might be the buy - but I think we can both agree that's a very short-term view of potential prize here? (but of course there is always risk - else i'd be with CBA).

Unless, Chevron drill comes back a dud, and Total decides it's all too hard, and Galp does something silly - I'm confident we are still fine (but time will tell).