GuysThanks for the various responses and sorry not to have been...

Guys

Thanks for the various responses and sorry not to have been monitoring the STX thread today. Been otherwise occupied, and what time I did have I devoted to a couple of my other stocks...

I am very encouraged by butcherano's and xsmangos's comments about the language used in the announcement and I guess I understand there would be limitations on interpretation of mudlogs etc. The seal being intact is fundamental, as is the reservoir quality. I am anticipating the latter to be likely ok, bearing in mind there are nearby wells accessing the same formation.

I have a lot riding on this one, and bought some of my holding at 33/34 cents (as well as some as low as 20c). I am reasoning right now that the price still looks a terrific entry for an investor who is not holding.... because of the following:

. the company has just raised capital to drill not only this, but the next major well also (Rayburn), therefore no discounted placement unless there is success here (for development costs)

. the company already has a sound cash flow activity and the US gas price appears to have stabilised at a reasonable level

. the upside potential from success with this well/field is staggeringly large for a company of this size...and there is another well of bigger proportions to follow.

I was able to buy into the initial Texas success at a ridiculously cheap price because of other investor apathy about the gas shows. That gave me a great return and I am sorely tempted to ramp up my holding even further right now because it looks a very similar situation. But I am resisting, and in any event the market is being extra kind atm so all cash tied up.

I am quietly confident we are onto something big here, but we have to be patient and keep fingers crossed....downside/upside relationship looks favourable.

regards
DF

ps...Afroboy, I couldn't really tell from Simon Ashton whether he was ecstatic or not. He does play the cards close to his chest. I took the opportunity of saying that they have a great partner in Cypress and he agreed (but that was all).