Brucey & Subi1, you are both absolutely right. I have been...

Brucey & Subi1, you are both absolutely right. I have been buying around these levels simply because it's time has now come IMO.

The current exploration program will arrest the decline driven by speculation alone and possibly some of the funds may even dress it up by the end of the month and be getting a bargain to boot.

It did appear today though that a large holder was selling from 1 fund it controls to another at 36c.

It has the wind behind it in the oil price and the problems stired up by Iran &/or Syria in Palestine, Lebanon & Iraq are severley destabilising the ME region. It makes Europe early last century look like a stable place in comparison & Mr Hitler a relatively clean shaven nice bloke. The Jews must be hoping they are not in for a re-run hence the muscle flexing a few months ago, and the Saudis, Sunni's and others (infadels) are rightly very nervous as well. This a high stakes game but Iran might just play the oil card just because it can, using it to further humiliate the yanks on the world stage for a few days, heralding their ascent to the clear fearless leadership of the Islamic world. Existing leaders in the region could eventually easily fall like domino's, it's happening in Iraq, Palestine and Lebanon now, relentless & unstoppable but probably just the start. It would be sensible for the US just to stay out of the ME but for many reasons no matter who the leader is they simply can't and that just adds more fuel to the fire as they are percieved as the modern Crusaders by all Muslims.

With this backdrop t is unlikely for the POO to go sub US$60 any time soon in fact that price could soon look like a bargain with the 12 month forecast now at $82.

Any oil/gas strikes from here on will set the SP on fire IMO. It might look like a dog but it might just turn out to be a greyhound. Most spec money has been going into metals of late. Some wise investors in highly priced explorers will increasingly be starting to get a bit nervous and will be looking for stocks like Arc with some real meat on it's bones. This is in the form of existing production, a '07 PE of < 8 @US$60 a barrel. With large exploration upside potential 20 odd wells in 4 proven basins that has commenced but will go on 1 after the other and often concurrently for months to come.