oiler is just about to take off, page-22

re: anyone watching this::::::::::: My earlier post seems to be lost...I think that Colonial has now reached their target and they had in pace a buy/sell trap while they accumulated in the middle at around 20.5cents. The artificial sell volume that capped the market has today been removed, and that has led to a properly structured market and a small revaluation.

I think this stock has serious value. Longtom is a lower risk play but although it is drilling a previous gas discovery, it is fair to note that the previous well had characteristics of low flow rate. The proposed well will target those sands in a different location and also deeper sands mapped by more recent seismic. The previous well considered this discovery uneconomic, so it is not a certainty. But there is reason for optimism as it is not a widlcat. Estimated value per share value I think is around 50cents.

The next well to be drilled is Grayling which will target oil and is prognosed to host around 100mbbo. That is serious dollars.

In my opinion, the acreage in Bass Strait and Bonaparte Basin looks very prospective. While this is no HDR, I certainly believe it has plenty of upside potential and right now looks a good entry point. Colonial also agree with a substantial shareholding of about 7%+.

Please do your own research and don't take my high level analysis for advice.

regards
DF