pre open? , page-3

re: drilling the cooper out Jojo,

You're right, I've been buying a few, perhaps this will wake the market up, but not sure too much interest until the extra oil starts flowing.

Perhaps the market is sceptical of the Padulla reserves, or the development spend on them (not high IMO, given the low risk). Perhaps the target sizes lack appeal. This is incremental, low risk exploration,appraisal and development, ie real business, whereas perhaps the market is looking for the geology casino? Why? Certainly given poo gains AND Toporoa success, the sp has been weak.

Regardless the extra oil is going to quickly flow from:
* Toporoa - within weeks
* Derrilyn #3 - March?
* Worrier #4 - April?
* Harpoono#2 - April?
* Padulla - ??

Mar Q production must be well up on recent Q's, and IMO June quarter must be challenging (and this time substainably) the Mar 05 300kbo record.

I am hoping for $2 sp this CY, believe it would realistic given the low risk growth going on. It seems to me they should be able to grow reserves to 4 mmbo this CY, and build the refinery with little debt, and no new equity. Maybe a $2.50 sp next year when the market wakes up to the refinery.

Slow and steady, not much excitement, but I think the rewards will be there, and as a bonus rerating to a higher PE as the capitalisation and track record grows.

Entropylord