Keeping my eye on this one, still trading at cash in bank value....

Keeping my eye on this one, still trading at cash in bank value. Have already failed once with the Iti-1 drill which didn't encounter any hydrocarbons, then perhaps it encountered hydrocarbons. Two conflicting announcements. So management is suspect. However, they say they have reworked seismic's and are set to drill February.

The EA5 license is close to the EA1 license (some 80 kms from the Iti-1 location), held by Tullow Oil Plc and Heritage Oil Limited. From Tullow Oil:

"In 2008 and 2009, onshore drilling activity focused on the Butiaba area of blocks 1 and 2 where upside potential of over a billion barrels has been identified and eleven wells have so far been drilled, all but one encountering hydrocarbons. Of particular significance is the Victoria Nile delta play where ten discoveries have been made including Buffalo-Giraffe, the largest discovery in the basin to date. This discovery in Block 1 has a continuous oil column of 140 metres and very high quality sandstone reservoirs. The scale of the recent discoveries in the Butiaba area has confirmed the Group’s view that this is a major hydrocarbon province in its own right within the Lake Albert Rift Basin."

I know that quite a few of the existing shareholders have heard this all before and are quite frustrated, but all it will take is one strike and there is massive potential upside, especially when they are trading at cash value.