Hey guys..I see I missed some action today, nice run and good...

Hey guys..
I see I missed some action today, nice run and good volume, just over 11 million traded. Excellent considering the company has about 51.7 million on issue (some say 60mil on issue, but thats what Energy Review quote and my on-line trading).

Judging from the announcements released today we can see who was doing some of the selling, this certainly contributed to share price falling as much as it did. I also notice the director was kind enough to add a little more detail to progress updates as I suggested, I suppose the extra paragraph provides a bit more insight to drilling activities.

Monday should prove to be interesting, personally I feel the share price should show further gains for a number reasons. (1) The stock is Oversold and closing price was above moving average. (2) Some expect Oil prices will be back up again by next week after US election. And (3) Less sell orders, big boys have already reduced some of their holdings taking some profits as can been seen by todays announcements.

Other Positives.
Smegsy-1
"Our second well Smegsy-1, also in the Cooper Basin, discovered gas at various intervals and will be tested later in the year to assess flow rates and whether it will
be a commercial discovery. We are certainly hopeful, on the basis of a report by independent consultants, that Smegsy-1 will be commercial."

*Also a very good point about Nulla Nulla mentioned by BlackOil.

Yellowbank-4 & Nulla Nulla-1
"We are about to drill a well targeting a large reserve of oil in the Cooper Basin (Nulla Nulla), to be followed immediately by a development well in a known oil field in the Surat Basin (Yellow Bank). By the end of 2004 we will be in a position to assess the first half of our exploration program, and to know whether we will join the other junior explorers who have become producers."

You notice the wording "in a Known Oil Field" as I previously posted several times yesterday and now we see it used in the Annual report. Would that be considered as inside info? (lol) - (its OK the announcement wasn't market sensitive.)

The real unknown that will have the greatest effect will be what happens over the weekend and so some might be expecting some interesting news announced on Monday!!(what will it be?).

We will just have to wait and see, whatever it will be you know it 's going to be some aggrevssive trading, you gotta love it.

I will bid you all farewell and good night and enjoy the weekend.

May the profits be with you!



Cheers,
Ace.