The long-term view on this stock is extremely positive with four...

The long-term view on this stock is extremely positive with four production projects due on stream in the next two years.

The short-medium term is probably more cloudy.
Note though that the oil price isnt particularly relevant to AWE - other than thru affecting general sentiment - Bass Gas is gas, Casino is Gas, Cliffhead and Tui Amokura are oil but are two years away. Note also that (two year production?) Bass Gass oil and liquids have been hedged at $29 - so the spot oil price is irrelevant.

However some decent sized targets are scheduled for drilling in Q305 (so probably Q4 in reality) - Barque a 2 TCF gas target off Canterbury seems to have them excited (they switched to this target from the previously planned Galleon) and Magnolia - 100mmbl oil in the Timor Sea. If any othese come off then its a jackpot. Also one or two smaller gas targets in the Casino block being drilled as well.

In my view AWE isnt a spec stock where you can expect large swings in the price - but rather a good solid growth stock with plenty of upside potential if they strike it lucky. The mgmt are excellent as well.