I told everyone here I was looking to buy as leverage to the Laurel testing. I already took a position but got out after Buru delayed their Laurel testing. At $4m with that happening I think it would have been a decent chance at quick trade to make 50%+. 0.3-0.4 still seems like a bottom that could settle at 0.5c if there is good news on sorting out ownership but the impetus is gone. I suppose if Buru finds a lot of oil this year sentiment might carry over to OBL but it really shouldn't... Would still probably happen though, everyone got a bump back in 2010 regardless of what was in their acreage. If they find oil in Ophir I think that might give OBL a kick as it's closer to Derby. But it's all less certain. Kind of thinking see how management make it through this year and buy in the wet season for next year. But you never know what might pop up out of the blue. 0.3/0.4 gives plenty of access to a small run on any left field positive info. Easy enough to see a short spike to 0.7 or something on Buru finding oil, REY coming up with some low rent farm in, Buru reinstating their Laurel testing late this year etc.. Just hard to hold at the moment when a lot of things are suffering. Even just in this basin KEY, REY, CVN and BRU all have activity with upside happening this year...
OBL Price at posting:
0.4¢ Sentiment: Hold Disclosure: Not Held
