toilet paper, page-18

Oh, and in relation to oil exploration wells. Do some decent research on juniors share prices and spud dates. Always the hype prior to spudding and the highest price mostly occurs at spudding (never as much upside to the well than when they just start it) as the geology has been interpreted with disclosure of max structure reservoir capacity, closures (before faults known), oil source evaluated (before knowledge of oil existing) etc etc etc. The odds are very very long, and this is with the most experienced oil explorers/developers. So in juniors the smarter money usually rides the well program well before the spud date and liquidate their profits (or most if they still wish to remain some speculative upside in a well) at spudding.