psar- technical trading point, page-4

Hi Guys,

I don't know anything about your indicators, but to me we look to've held pretty well today, on a bad day for energy stocks. Well off the Tues/Thurs lows of last week, which in themselves not as low as the previous weeks lows. Also buy q's are pretty strong again vs thin sell q.

Imho we are consolidating, forming support, the buyers are regaining confidence, and the sellers just perhaps getting a little exhausted.

On the news flow front it is my opinion that all the likely negatives are in the market, including another decline in production for the Sept Q. From here on it is my expectation that news will be at least mildly helpful to the sp again.

We are making money and growing reserves, and will continue to grow reserves without any high risk gambles, not a lot of midcap/junior ASX oilers that can say that.

EL