its february. 1 well., page-7

Yes it's a bit slow going with GOG. You would swear that the companies fortunes were all riding on Ballaparudda-1 the way the SP has fallen. Having reviewed my holdings and moreover the asset that GOG are, for all intents and purposes, control of, I am comfortable holding. Although I will hasten to add I am disappointed with the snail like pace things appear to going at.

When you consider the Cooper Basin, Surat Basin, the Otway Basin and what appears to be a great opportunity the Gippsland Basin it seems there are a lot of people selling for the wrong reasons. GOG are actually producing so there has to be income from all this as well. They have $8.5m in the bank and are offsetting cost with some income means that the cash burn while still significant will happen at a reduced rate than without any income

Of course I have to say that all this is based on what I have gleaned from the announcements and hopefully a bit of common sense thrown in.

If you read part of the last drill result below you get the idea there is some positive news in all this.

"Despite the fact that Ballaparudda-1 has not resulted in a commercial oil discovery, the well did encounter oil shows within the objective formations and has confirmed the presence of hydrocarbons migrating into this part of PEL 91, increasing the likelihood of finding a commercial oil accumulation with future wells."

For my part it seems that this is a good opportunity to top up if you have the spare cash. At this stage I continue to hold. The top 20 as of 4Feb08 is reasonably strong too

All the best to holders
Cheers
BW