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kolubara

11,486 Posts.

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14/05/16

15:06

Post #: 17767285
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Originally posted by AndyIgo ↑

Hi Kolubara Vcubitt and all,

Kolubara, Click your cursor over my profile and then hit the ignore button it should take no more than ten seconds. Then you can read only the comments that confirm your own views this may make you feel better and I will leave it to you to decide if this makes you a better investor.

By the way I consider my breath and how I wish to use it my own choice. The sharing of ideas and information I feel is a noble and worthy use of my time; however, I do also respect your view.

Vcubitt and any others that value both sides to any argument.

Thank you for your kind words.

Briefly I have been in the mining and exploration industry since my early twenties. I started a mining equipment manufacturing business in Brisbane back in 1989 I’m now retired (62) but still retain a major shareholding of the company.

Back in 1977-78 I was working in Dubai for the local Caterpillar agent I spent time on oil rigs and exploration vessels. On one boat even back then I can recall one of the geologists using a machine to transmit logging results back to their head office in Texas. I did not know then that I was looking at but I believe it would eventually be called a facsimile machine!

As I was young and very interested in what was going on around me I asked lots of questions and I was fascinated by the technology used to search for oil in the Arabian Gulf. Given the price of hiring equipment and wages back then the oil companies still preferred to spend wisely on their exploration before committing to expensive drilling. (Think costs 1978-2016!)

At one time drilling for oil was certainly a very hit and miss affair; however, I can assure you that with the technology available today thigs have greatly improved. I still feel that a high quality survey (latest technology available) over the PEP11 lease should be very high on the list of company priorities. If I recall correctly the 2010 drilling fiasco (Duster!) cost shareholders some $30,000,000.00. I guess companies can make various claims; such as survey results that give a 50% chance of success when drilled clearly something I can’t prove. However, anything to improve the chance of success has got to be worthwhile.

By the way in my opinion Phil Kelso (BUY) is certainly no fool and I can’t help thinking that if there was oil or gas to be found he would not have walked away from 85% of the project lightly.

For those that don’t mind two sides of an argument and are always willing to learn about technology advances I suggest you do some research of your own; the link below (4 Min.) should at least give a basic introduction.

To reiterate even if PEP11 is just a myth it has proved to be a money maker for some at least. I guess some may feel that 6-8 years is all it takes for a new generation of investors to enter the market. To those that wish to ignore history when investing their own money I guess that’s their prerogative.

To those with a higher regard for their investment capital I implore you to do your own full and due diligence and go into all your investments with as much information you can find and certainly with both eyes fully open.

Whatever you decide I wish you all well in these shark infested investment waters!

As always just my thoughts shared in good faith (despite what others may think.) Good Luck!

Cheers and very best regards: Andy

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Interestingly I am 62 myself, that alone doesn't make me any wiser tho. About Philip Kelso and his "walk away from 85%" what else could he do if BUY didn't have cash $20 million exploration money then (not 30 million as you wrongly remember). You mentioned in kind words Mr. Phil Kelso, that makes me feel better since I have bit of $ in BUY myself With all due respect I am a (bit) reserved with someone (62 y.o.) experienced, wealthy, busy and all finding patience, will power, time etc to spread free advises regards.

Last edited by kolubara: 14/05/16

MMR Price at posting: 4.3¢ Sentiment: Buy Disclosure: Held
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