This isn't financial advice but any financial planning 101 book...

This isn't financial advice but any financial planning 101 book has basic risk tolerance vs age guidelines and speculative oilers aren't really something that would ever be recommended in a retired person's SMSF because they no longer have new sources of income to replace the results of bad decisions, which in the O&G exploration game come about fairly regularly. In theory at that stage in life you are supposed to be heavily into divvy stocks, annuities, cash etc.

Kiwigeo is retired, a financial planner would smack his hand away from even any kind of growth stock let alone a speccy oiler so taking 50% in a week pre-results is pretty cheeky and he had to create and execute an investment plan when creating his SMSF which wouldn't really have included this type of thing.

He's "cautiously optimistic" based on the results so far but that is going to mean something very different investment wise at 65 than it does at 35 with another couple of decades to restack acorns for winter up your sleeve.