Disappointing results from Encore yesterday sent the SP down about 15%. The sell off was immediate and in nearly took out my stop at 115p – It’s now sitting at just under my Buy price of 127p. I am not sure the wording of the RNS helped although it was refreshingly straightforward…

“Although somewhat disappointing, the results at Catcher North have confirmed our previously held view that Catcher, Catcher East and Catcher North are probably a single accumulation. This well has helped delineate the extent and hydrocarbon type of the Tay and Cromarty over the Catcher North field area. We now look forward to drilling the Burgman well which along with the Varadero results  will help define the likely scale of the upcoming 28/9 development programme.”

I am holding for Burgman and Valdero.

BEM – Beowulf mining is showing nearly 90% gain at 55p today. Last Thursdays drilling report was all good news, have a read… This could easily be 100% gain this month.

http://www.beowulfmining.net/Operational%20Update%20re%20Ballek%20JV%20Project.pdf

ATC – Atlantic coal is moving in the wrong direction this week. Now trading at under 1p.  Slightly disappointed with the lack of new flow. Now 20% down here and would usually sell at these levels. – I have decided that if no real news by end of Feb this is to be dumped… It’s not like is there is a shortage of opportunities around right now! 

NANO?

SAR!

Hummingbird? 

GKP – Gulf Keystone up this week on the long awaited news of the Iraqi government making progress on export law. Very good news indeed. GKP have huge potential and I am seriously considering increasing my holdings at these prices. 

Other than that the portfolio has remained quite stable this week. No sell’s and no buys to report. 

I know it’s “Website portfolio day” and I did say yesterday that I would not be doing any more “day trading” – BUT I thought that as I was paying for L2 info I would test out some of the theory I have been reading about… I sold my RRL shares this morning for 13.3p and bought back in when I saw buy volumes increasing at 12.8p. Lucky £70 profit?  

When I have been unable to make trades in the ISA I have been using my spread betting accounts to trade tax free. You have to watch the spread but sometimes it’s actually cheaper than trading shares when you take into account commission… (Particularly small trades). If your interested I have set up a deal with “tradefair” If you sign up using the banner on the right, you get £100! Essentially all you have to do is sign up deposit £100 and make a few trades and they give you £100 free. 

As usual I lways interested in hearing your thoughts, Email me at “websitemail AT dailytrading.co.uk” or use the comments system. 

Good luck all 

Doug