probably because it cannot slide much further down! (although it most probably will!). EBR are active on a number of fronts and the current price does not reflect the overall value of the diversified prospects. Have certainly not had much luck lately with failed wildcat drilling in Bass Strait, dodgy JV drill rigs, lack of access to Cultana, dusters at Cooper and now a stuck bit, but it is swings and roundabouts and one of their ventures has to come up trumps soon. Looks like they have gas in the latest hit, may well have oil in the first Cooper well, Judith may one day come up trumps if a JV partner buys into it, (Moby too), and they have excellent 3D coverage of their leases in Bass Strait that will certainly lead to more JV action when rigs become available in 08/09. With a bit more public relations and an income stream from well development EBR may yet make it worthwhile taking the risk to fly with the Eagle!
EBR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
