However, it will go bullish again based on several factors.
(1) Smegsy-1 drilling will begin again shortly with testing & perforation.
(2) Yellowbank Creek-4 is currently cased and suspended and real figures of flow rates will be released in about 2 -3 weeks. Therefore, we only have a guesstimate from directors prior to casing.
300 - 350 BOPD @ $50.00 (AUD) Per Barrel.
Compare this with e.g. VOY 328 BOPD @ $62.00 (AUD) Per Barrel
And their current share price is 37.5c..
(3) Crude Oil Prices, many US analysts are predicting rises in crude oil prices again.
Also Good Times Ahead....
Aegis Report. The Australian market posted a solid 1.8% gain last week, but even more impressive was the action of many of the individual stocks. The major banks had a strong week, with ANZ and WBC moving to all time highs. The break of key resistance areas was most encouraging. All in all last weeks action suggests that the market is set to move significantly higher over the next few months.
The domestic market has shrugged off the woes that have plagued overseas markets for the last 6 months, and now as we move into a more positive timeframe, we expect the majority of world equity markets to begin to move higher. We believe that investors will continue to prosper in the months ahead.
On a global basis, we are moving into the seasonally favourable November to April timeframe and we are also approaching the 5th year of the decade. We spoke about the Decennial Cycle back in June in our report 'Presidential and other Cycles'. History shows that the 5th year in the Decennial pattern is always a positive year. Will the US live up to these expectations over the next 6 to 12 months and propel overseas and domestic equity markets higher? As always, we cannot give any guarantees, but the combination of positive influences suggests that we should approach the next 12 months with a bullish bias.
Is the Australian market is set to continue to move higher, are we on track with our sector preferences? Over the last few months we have continued to favour small and mid caps - they have performed well and should continue to do so.
There are some great opportunities out there!
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Interesting times ahead..
Also don't forget..
The Australian Stock Exchange (ASX) will observe one minute's silence at 11am (AEDST) on Thursday 11 November. All business activities, including trading in all markets, will be suspended during this period, marking the armistice that brought the fighting in World War 1 to an end.
Cheers, Ace.
EPE Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
