re: hey macrea12 ... I invested in KBO when they were drilling...

re: hey macrea12 ... I invested in KBO when they were drilling in the Blina fields. It ended up being a fiasco with drills breaking down and water being found aplenty. The SP plummeted from about 7 to under 2 at one stage.

The inviteable takeover eventuated and the new business plan was announced. The ASX resource sector recovred and coupled with the announcements regarding methane in Europe, the SP hit over 10.

The takeover was voted in by shareholders and Blina was pretty much scrapped. The oil remdiation process is now virtually worthless. At one stage there was a conference regarding oil remediation in the Eastern states - no KBO rep attended.

KBO is now extremely cash poor. Again, oil reserves have all but disappeared. With Flavell's connection with heritage in Canada, they been able to keep their heads above water.

Around 6c is fair value although I believe a raising must be imminent. They could end up being another DRA or even Beach Petroleum but I would prefer to sit on the sidelines.

I heavily invested in KBO and now am not holding after managing to escape with a decent profit. However, the opportunity cost was very very high for me. I still follow them and am always interested in their progress hence my reply. I do wish them the best but the risk is high.

Best of luck - a fair spec but once bitten twice shy.