I read the Next email and sadly I think they have got this one...

I read the Next email and sadly I think they have got this one wrong re. trading strategy.

You don't write off a company in the event the first well if a duster, why?, because this is now a BASIN PLAY ie. multiple targets. It's like being the first to drill the Gulf of Mexico and well 1 doesn't come in so as an investor you give up and go home.... now that would have been very stupid.... If investors see this as a basin play vs. a single target play then the share price will be more robust and downside very limited.

We have multiple stacked horizons so we are EFFECTIVELY FREE CARRIED on HORIZON 200 as it is on the way to the PRIMARY UPPER ANGWA TARGET, so I personally see no point selling shares before seeing the results of Horizon 200 (good or bad). I think Next are comparing apples to oranges... Did the other oil + gas plays they mentioned have stacked targets like this?! Were they huge basin plays?

Also we know there is a resource upgrade on the way so why sell today?

As I said before I don't follow Next's investment advice / trading strategies but I do like their ability to identify ASX companies that have been overlooked by the market.

My own views of course.