so what are we actually waiting for now?, page-7

I can't think of too many other companies in this sector with a SP that is currently less than cash (be it a marketable note or cash in bank). LNC was in that category when I purchased it under $2 several months ago.

I hold SSN (with 4+ bags total gain so far) and cannot see why the SSN Niobrara is necessarily any better than the HK operated Eagle Ford. Arguably, SSN could be "reasonably" happy with the latest Donnell 457 1H results were representative of their retained Niobrara (noting that the punteres there are hoping for mainly oil sweet spot oil to go another 10 bags.... so do I lol....)

My guestimate is that AZZ is now either cash flow positive or soon will be so with Petrowhawk developing the Eagle Ford aggressively. There are no direct exploration costs associated with the free carry, so for the moment, AZZ is more like an investment company than an oiler.

I can only assume that AZZ's negotiations to purchase a new play are ongoing and because of this there is a news blackout.

Call me mad but I topped up my AZZ holding today. Why. Some of my other holds of mine SSN and BCC (a much smaller hold) have traders all over them ATM and are thus trading around fundumental value for where they are in their respective play developments. For more certainty I could have put that extra few K on LNC but didn't for some reason. I didn't top up my XST hold again as it is essentially a good single well play (with follow up targets).

So here we are. The market assumes that JC will blow ALL or MOST the money on a high risk dud. On this occasion I'll bet against the market lol. If in hindsight, the marke likes the new AZZ purchase there may be an instant re-rate IMHO. If the market hates the new AZZ purchase I'll be proven wrong (lol) and will lose some money.

A fundumental downside risk for AZZ ATM is a slightly higher tax bill if deals currently on the table fall through and deadlines for a CGT compliant "like" purchase are exceeded. So what... if that still leaves cash of (very roughly) 40c per share plus the Eagle ford JV.

cheers