Ugly day yesterday for the jv partners drilling Twin Lions in TP/15 but no point in excarbating an already bad situation by panic selling. Its not the end of the world for any of the company's involved and they will all live to drill another day. Days like yesterday shake one's confidence but these sorts of disappointments are just part of life for the junior oilers and we who invest in them. Normally I would not hold through the drilling of a well but couldn't resist the liklihood of a good NWE gain if TL hit so bought some yesterday with money I owe the tax man as a result of PSA's recent rise, and paid the price. Still hold and will continue to do so. Cliff Head is likely to go ahead as a commercial find eventually and there is still Mentelle to go in TP/15. Puffin is not dead yet and NWE has some other interests even if it is now a bit short of cash. Also held BUY through the well as it was free carried, only had 5% interest and has on an onshore Perth Basin well Leafcutter coming up but it was not immune to the sell off. In fact the whole junior oiler market stank yesterday FAR, CVN, ICN, CUE, PPP, you name them they were down. Amidst the doom and gloom there are some excellent buying opportunities for those that have some money left and can wait. CUE 's Oyong field will go ahead with the announcement of the signing of a gas sales agreement and will be drilling again in a couple of months. The Twin Lions disappointment will probably bring forward FAR's Banjo drill, CVN will get its oil out of the ground eventually, etc etc. Things can change quite quickly so all we can do is move on. Be interesting though to hear what went wrong at TL. JBC
NWE Price at posting:
0.0¢ Sentiment: None Disclosure: Held
