It was serious buying driving the upwards movement of the last...

It was serious buying driving the upwards movement of the last week or two. They have all but backed off for now. If they dont return soon it could track back to the 38-39c range. As a WAG I think they may return in the next 2-3 weeks to get it over the 50.

Might have to have another look at how their prospects are laid out for their drilling and exploration program.

USA drilling is conventional, 20% interest.

Galilee drilling in Dec Quarter for an 8 well program. Very prospective but minimal infrastructure. Could be a significant rerating in 4-6 months time.

Nice article in The Australian on Galilee. Mostly for conventional type activity though.

http://www.theaustralian.news.com.au/business/story/0,28124,26094800-5005200,00.html

Market cap is on the heavy side @ $110m. To me that suggests that there might some high hopes for their Galilee drilling as that is when the volume picked up. Could have been a surge from broker coverage.

Now I am rambling with too many woulda shoulda couldas :) G'night.

SF