I feel such a fool holding MOG until the drill results came in....

I feel such a fool holding MOG until the drill results came in. Came close to selling the day before, but only sold 20% of my holding.

I re-read the prospectus for the Rights issue, I started reading before the D-day, but could not decide to sell - (fool). Did some calcs on the prospective 77 mmbls, converted into cubic meters of oil, and roughly calculated the size of oil field (as per drawings in prospectus). It was obvious they were not chasing a reservoir pool, but oil interspersed amongst sand. I came up with the answer that the oil would have amounted to 3 parts per thousand on a volume basis across the area defined in drawings. Not a good prospect!!

Wish I'd done the calcs before d-day.

I've sold every last share and option now. Don't think I'd buy again in their Bass Strait drillings, this one hurt too much.

Regards,

TDF