more hooks than fish, page-21

Hmmmm - the initial fall was when Macquarie started dumping - though I think it was macquarie nominees - I seem to remember someone saying that they had a lot of clients with 50% TDO margin loans (such that they wouldn't allow any more) and with the first fall many of these may have been called - plunging the stock even lower to these crazy prices.

They have oil and plenty of it - at least 4-5mmbo recoverable from the top formation and unknown amounts from the lower two formations. The main problem is that they will have to do more drilling to produce the other two formations (Though it may be possible to re-enter them in WS1 if that old well is still able to be re-entered - though I suspect they still need a rig to do it so may be better off drilling anew with horizontal sidetrack through the formations until they hit oil.

There is still huge potential upside - there is oil in Wardie just in a poor formation at the point intersected (note that it may be good-excllent just a few meters from the site they drilled!)

From my reading of the seismic data and depths it is quite possible that Wardie and Seahorse are one formation with oil continuous between them which would offer truly massive upside in the range of a 5-10 times increase in reserves to 30-40mb of oil.

IMO this remains oversold. Any news of upcoming significant action should see recovery into the 40s.

It would be good to get an update on future plans for developing Seahorse +/- Wardie. Given they know there is oil in Wardie I'm not sure of the relative values of trying another site in Wardie (could be drilled at the same time as further drilling or re-entry at Seahorse) versus trying a new wildcat.

Any thoughts anyone?