General Thoughts, page-8739

I tend to agree with you Griff - but this is an open forum, and if people want to speculate, they'll speculate - else they'd be in CBA:asx right? - Because property only goes up, and mortgage books gonna boom!. You/them/me - we just need to be able to differentiate fact from fiction.

In saying that - I think most of us are happy to engage with the reality of the situation - we're all here for the same reason, and O&G is a slow game. The opportunity cost here will be epic (if it fails), yet a hint of success, it will be worth it - so it's a gamble (i think that's probably the reality of it). I'm personally willing to lose everything i've invested here - I won't be happy - but if that's the way the cookie crumbles so be it. I think if that mentality is not held by investors, then you'll struggle in times of uncertainty like we are experiencing now - keep in mind, that the uncertainty currently is simply a lack of farm-in partner, no amount of 3D siesmic analysis is going to get us any closer to a 'sure thing', until the drill bit tells us what's there. If/When that farm-in occurs, this uncertainty disapears; and then we focus on the uncerntainty of the drill bit. (markets a funny thing).

WDS walking away was a blow to confidence; but there has been plausible reasoning published by various sources (Euroz, GeoExPro, Pancon, Sintana) - When I spoke to Iain a few days after, he was surprisingly optimistic (observation & my opinion only). Similarly recent interview with Robert Bose & Malcolm, there was percieved optimism - right or wrong, I don't know. PanCon has an established relationship in the region, we've now got a huge 3D seismic of world class quality (which has likely more than met/exceeded the extention period to 2028), we have prospective resource estimates that are substantial (albiet in-house Geo), next to existing substantial discoveries, we have market cap valued at less than the cost of the 3D seismic ($USD35m) - we just don't have a farm-in partner (which is the obvious concern the market sees). IMO, there is lots to like when I look at it objectivly (my opinion only).
Anyway, now I'm just rambling - appreciate your input. I'm sure most are more than happy to also discuss negatives/cons, if they are also backed by facts/data. The best investors I know are always optimistic in character, but also ruthless when it comes to playing the devils advocate and interrogating facts. Buy/Sell/Hold.