It's good to see an improving market depth, share price and a...

It's good to see an improving market depth, share price and a little bit more volume over the last two or three weeks but I can't see us going too far without some news. On the positive side, management still seem genuinely optimistic about the land. I expect that once again they'll find a way to make another well happen and of course they'll say the problem is mechanical issues (likely true) not the land which is good (likely true) and that they've solved the mechanical puzzle and will be successful with the next well (likely met with scepticism!).

In retrospect it's a shame not to have got out at anything above 8-10c, but at the current price the risk looks good. We'll almost certainly see a much higher share price than 2-3c when plans for the next well are outlined. I doubt the market will take us above 10c without flowing oil this time, it'll be sceptical and rightly so, but that should allow entry at a more appropriate risk:reward tradeoff.