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VPE 41.5¢

phoenix - or dead dog?

  1. thegupper

    749 Posts.

    Any views out here on the mid-term prospects of this perennial dog? Can it rise from the ashes?

    Any embittered long-term holders please attempt to comment objectively on the company's current prospects rather than its sorry history (I know how hard that is thanks to Powerlan).

    I don't hold any stock but I read the company's recent presentation at the Perth conference with interest and have followed the stock for a year or more from a distance. I'm aware of their lousy drill record and the huge volume of stock floating out there but have considered getting in for the following reasons:

    1) the active drill schedule planned over the coming 6 months including exposure to ongoing Jingemia success and some other very interesting prospects in the Surat and Cooper basins. California has also produced some minor flows that could be increased by further drilling at Hyena & Eagle in Oct/Nov.

    2) the current depressed state of the share price relative to the potential represented by the drill schedule

    3) the impact just one strike would have on current values. It seems the potential is there for the SP to appreciate significantly should even one of their many drills prove successful in coming months.

    4) the company's cash position for exploration is quite sound after recent capital raising

    I'd greatly appreciate any opinions on this stock or - alternatively - better junior oilers (and reasons) if you have a favourite.

    TIA,

    Gupper

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