pidgeon, page-49

Cobacki, You sound depressed .. it's not over yet.

At least MMR had the decency to announce the current status tonight and not at 9.50 am tomorrow morning....like a few other over hyped Gas prospectives that I have been involved in...MEO and CTP (Never forget the famous "Oil Flow likey" announcement before they announced a CR followed by a "No Oil" announcement..lost a bomb there).

MMR should hit TD tomorrow ...small possibility they may intersect some HC's ...strong possibility they will not.

This should become a good trading stock for a few weeks while the traders try to recover their money. It happened to MEO recently and also happened with KAR over a year or so.

It all depends on the holders financial position as to whether they need to sell off in a hurry and cop a big loss or bat on and claw back...I have been caught with my pants down a few times...it will never happen again.

Zoso:

I think it's pidgeon season ...the hunt is on and as Mark70920 suggested it was probably big green turkey disguised as a pidgeon coming home to perch on Tyco's balcony.

Then again , it could be that Tyco was suggesting the pidgeon was a "Greenie" and was going to fly home to tell the turkeys that the well was now a hole and of course that meant a "Duster" ...maybe it had a big green "Feather" duster stuck up its backside as it was dodging the "Hawks" ...just a guess!! ..Maybe tyco can explain now that the pidgeon loving cat is out of the bag.

The SP will suffer badly upon open but I think it will recover from its low within an hour or two.

What you all should remember is that this is the first well in PEP11 ..the full analysis of the logs will not be available for a couple of weeks..this may prove to be very useful for the next holew to be drilled it may be the originally designated hole about 20km offshore Forresters Beach (noticed this postion was mentioned in the "Where is the Tug" thread today)...so don't rush for the gates to sell at open ..wait a little ..if no one rushes the gates then it could be an orderley sell off with minimised losses...Discipline is required ..let's see how discipline pans out at start of trade.

By the way ,I would imagine that the next drill involving MMR should be the Rivoli (proven gas find) drill in WA and the Australian Navy is ready to buy the gas produced. This should have been drilled in late 2010,howver a number of the JV partners could not get their act together...it will now be drilled in the dry season 2011.

Then of course there is Advents holding in CTP..CTP needs big broom to clear the cobwebs and If you have a close look at the latest annual report by MMR ..you will note that :

"Central Australia ? Amadeus, Pedirka, Basins
Advent holds a large shareholding in Australian
onshore hydrocarbon explorer Central Petroleum
Ltd (ASX: CTP). Central Petroleum is actively
exploring in its exploration tenements that cover
approximately 250,000km2 of central Australia.
Advent has reserved its right to claim damages
from Central Petroleum Ltd and its subsidiaries
following repudiatory breach of contract regarding
farmin by Advent to Central?s permits.
http://mecresources.com.au/MEC%20Resources%20AR2010%20WEB.pdf"

So this has a potential to add to MMR's warchest via Advent....The main game is PEP 11 and there is a lot more to do in 2011.

This will not help a lot of shareholders that cannot hold and that were looking to exit for a profit or "Free Carry" for the medium term...quite a few Day Traders will get burnt as will margin call holders..The shorters will have a field day as will the longs.

So not a good day for pidgeon fanciers..even if you have to bail you will still have a good chance to re enter at a lower price than you got in at ,when you can or if you want to...Trading seems to be the best option especially if you buy right.

I noticed the bots were pumping up the Match price all day..interesting open coming up.

Good luck all and I certainly know the feeling of having to take a big hit..it hurts but you can make it up.

Strictly my views above and absolutely no advice given or intended ..always remember it's your money and it would be wise to protect your capital..whichever way you think but at least you a a few hours to decide before the next open...unlike many had with MEO or CTP or NDO today and so it goes on and on in the O&G speccie field...I'm thinking of Old King Coal as write this..not too many coal duds this year.

Back to my plonk..as I said before ..whichever way it panned out , it was always going to lead to a big drink!

Cheers

HR

No spell or grammar checks above ..any mistakes are the direct consequence of imbibing in a few glasses of plonk whilst typing.