Ann: Second oil discovery in WZ 12-10-1 exploration well, page-10

My general strategy with this stock is to buy it cheap and sell it at a profit.

I once held it for the long term but just lost money. In fact it was the only stock I lost on in FY14. In recent times I just buy it <30c and look to sell at ~32-33c and wait for the opportunity again.

I spent plenty of time valuing the stock about 2-3 years ago, but just found that the value realisation is incredibly difficult for this company. I see a theoretical valuation north of 45c/sh, but I don't how that will ever be realised in the market. So, I buy it cheap.

if I had retained my initial "hold for long" strategy, I would be seriously underwater on this stock..

I want to be proved wrong on the upside though, while holding of course!

PM m0ngy - he's generally pretty helpful and cheerful - buy him a few beers and he'll sort you out.