OEL - (Otto) Multi based, Gambling Stock.

[boysy]

Indeed lets hope the waiting is worth it there jdg.

[jdg]

as much as i hope i'm wrong, i think we might give up SC51.

-j

[jdg]

i base this on the last quarterly, that wrote down SC51 and talked about consolidation, and the fact that it received no emphasis in the annual report.
again, i hope i'm wrong...

-j

[jdg]

gee, the sp looks ill, boysy. i'll have a feel around for the bottom and then buy up. i like the medium term picture.

-j

[boysy]

its not looking too crash hot but on next to no volume bring on the quarterly i say

[boysy]

Well there you have the quarterly cash up to 33 million. Turkey looks to be a dissapontment bt they are drilling onshore sc 51 1Q 2011 well worth a read and are in farm in negotiations to farm down there share. Also work on SC 55 is progressing with promising results

[jdg]

i have only just seen it, and have only had a quick read. my initial feelings are very positive. there is some stated optimism around SC55. that's where our future is, so i take tentative heart from that. as you say, boysy, if BHP come to the party we could see somewhere near a 100% rise on that announcement. thankfully, my doomsday predictions around SC51 have been allayed, although there are still a few 'ifs' and 'buts' there. a little onshore drill (regardless of result) keeps Argao alive. very pleasing (providing the govt agrees to a slightly later drill date). furthermore, the bank balance keeps moving up, and very little expenditure forcast in the current quarter.
i'm not too fussed about the gas, it was never a big player, and even if it doesn't meet expectations it's still profitable.
all-in-all it's as good a report as i could have expected. very pleased.

-j

[boysy]

Yes it was good i was expecting worse but as you mention positives will be a farm out of SC 51 onshore drill and seismic interpretation is going well in sc 55. I would expect more than 100% increase if BHP farm in leading up to the drill some rather hefty targets and a free carry if they sign on the dotted line. I like the fact the cash balance should keep on rising they definitely are keeping it steady as they go which is a breath of fresh air. top 20 hold 70% of shares the top 20 holders are slowly eating away the register when it runs it will really run.

[jdg]

yeah, mate, well put. i have little doubt that, in time, this one will have served us very, very well. it just a matter of when that time will come. i feel much better about the short term after reading that report.

-j

[boysy]

Yes the SP action was indicating the quarterly would be a dismantlement but i was qietly surprised im a bit surprised it hasnt shown up on other peoples radar to be honest its a cashed up oiler with 2 producing assets and plenty of hefty targets. Its very interesting to watch the management working behind the scenes and getting the job done under promising and over delivering is the way to go. Galoc phase #2 still seems a wee while away which is a tad disappointing but plenty to keep the sp increasing in the short term.