west seahorse update, page-7

Very much so - add BAS to that - that was a big "ouch" for me.

I think there is good money to be made buying companies with resources on dips to risk too much on pure spec plays. I don't see TDO as a pure spec play - they new there was oil there all along - the upside was how much, and WS3 failed to show any upside (other than great quality formations), though nor did it show downside, and IMO the market reacted to the reduced blue-sky with the selldown.

This is a calculated risk - the major risk is that Wardie is dry i which case you could have got in cheaper, but the stock should still significantly past $1.00 once production starts, so if you can hold for 18 months to get a 2-bagger if Wardie fails then it is a fair bet (ie - Wardie fails = $1.00 in 2 years, Wardie success = $1.50-2.00 this year)