junior oilers taking it hard

  1. 1,317 Posts.
    Junior oilers have been hit hard of late as well failure follows well failure. This week Mentelle and Banganna and ominously no news from Chott Fejaz or Bosavi. I can't see much light at the end of this miserable tunnel. And this despite high oil and gas prices.

    Vindara might provide some relief it it comes in but I for one am not prepared to see it through. Closed out losing positions on NWE and BUY today and vowed henceforth to follow the wise words of acturtle and never again hold stocks through the drilling of a well.
    I think the amount of speculative money is drying up rapidly as we lick our wounds and move to cash.

    Agree with old man river that PSA looks like being one of the few winners this year given its new cash flow but disappointed that could not persuade them to announce details of their first cheque for West Cameron. Shares will continue to drift until the next announcement in March. Market understandably wants to see the colour of their money but it seems they couldn't care less. Pity, first big cheque for PSA is a signal development for the company after its resurrection from the ashes. Touch of arrogance in their attitude towards long suffering shareholders?

    Think COE is a value buy and have been accumulating in anticipation of an announcement of a firm drilling program.

    Am holding CUE but the selling pressure continues to surprise me. Assume people are still concerned about how the company is going to finance Oyong if the banks don't come good with project finance.
    Still think BUY has longer term potential but sold major part of my holding today and will consider a re-entry after Vindara. Holding onto FAR and put in for some shares in the prospectus. Hope Banjo is not brought on too early.

    Nothing else but to grin and bear the bad times and hope things will improve in the longer term. Best to structure ones oiler portfolio for a few months out rather than tomorrow. JBC

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.