ssn vs sea, page-5

Thanks Tim,

I must say I read the last couple of SEA reports and was very impressed with the detail (and for us non o&g people) the ease in which to understand the report - they certainly have a lot going on and this creates excitment and this is definitely having an impact on the share price.

I also like the management strategy of disposing of non core assets (or moving them around) to provide cashflow and focus on what is going to bring long term growth. SSN is looking at a similar strategy to dispose of its gas assets.

Think you will find the 488BOPED is for Bakken only (as Dalek has stated we have other assets, but maybe SSN not communicating this too well) or else cash inflows would be higher than SSN - but I do understand they have provided guidance on significant improved production for next quarter and next year. SSN should also do it's 2010 oil production by December 2010 once the Gary well has flowed for a whole quarter rather than 7 days.

The drilling delays are definitely hurting the share price of SSN at present for short term action.

It also appears SEA has had the majority of its share price increase as it has started to prove it's long term growth strategy (tick the boxes) where SSN had a lot of this increase prior to 30/6/10 due to the land sale and the market (as well as us longer term holders) are waiting for them to start to tick some of those strategic boxes.

So the next few months will be interesting to see if both these companies can deliver on what they have promised.

Standing on the outside (and with limited knowledge and not ramping or advising to buy or sell, etc.) SEA looks like a great little company, with good management, the only reason I personally did not invest in SEA was to spread the risk mentality as they are both drilling in similar areas.

As I have also stated before I like SSN cash position and 3.8% ORRI which can provide income without any addition to the cost base.

Overall I think if you did the research in SEA and invested early enough you would be very happy with your return and looking forward to the next few months, just as I am with SSN.

I wish both shareholders (and those with both) the best of luck.