I hold this stock around 94 cents and have ridden the share...

I hold this stock around 94 cents and have ridden the share price to $1.20 and back to around 70 cents.

The view of most who follow the stock is probably a hold as only small volumes drift through the market. However, there is one insto. who seems to be selling probably putting a cap on the stock.

The main issue has been overpromising and underdelivering sprinkled with a number of suprises. The proposed management options issue was opposed by the instos annoyed by [lack of] progress and dropped.

Promising an accelerated development and then selling their drilling slot leading to the inability to hold the storage vessel sank the share price and a lot of confidence. Missed drilling dates after that did not help either.

One positive is the recent report on the field with increased P50 numbers.

An identical operation is taking place in Bass Strait with AZA and BPT and both should be pumping production oil at around the same time - at least that is the forecast position.

AED holds 100% 0f their resource although the oil resource P50 values are different. Still easy to get a view on the potential value on AED if things start to happen.

Puffin 9 is not a wildcat nor an appraisal well. It is near a proven well - about 2 km. - but on another structure. AED have 3D seismic and have also run a PSDM on the 3D data to futher refine the location of the P9 well. If P9 comes in then it will increase the oil resource substantially. It is really a free option as the current resource [when producing] can support a higher price.