Piyush,I'm also puzzled by the relatively modest gains after the...

Piyush,

I'm also puzzled by the relatively modest gains after the success of this well. HDR has gone up about 10c when it should have gone up 30c according to the analysts. Why? We have your 4 theories & King Louies "stale bull" theory. I'd like to throw another idea into the ring. The "saturated bull" theory. You said that you couldn't justify buying anymore HDR since you have limits on the % of one stock in your portfolio. I am in the same boat, perhaps worse, I am over my limit! Perhaps HDR shareholders fall into two camps, the long term believers sitting on big gains with high exposures and who are already too exposed to buy more, and the traders, playing to win a few cents here and there. When HDR announces a good result who buys? Not me, I'm already 110% exposed. Not the traders, time to take some profits. We are seeing saturated bulls, no one is left to chase the stock to higher levels. This could remain a problem with Banda as well. Unless London or institutions get involved HDR might continue to trade well under its fair value, which would guarantee a WPL move at a sadly discounted price.

The second interesting point you made was about volumes. We didn't see any of the Courbine style insider trading. Perhaps woodside succeeded in clamping down on this to their credit. The tea ladies have tea towels strapped around their necks...