Archive for April, 2011

It’s been quite a good week, portfolio is up again… Encore, Matra and Berkeley minerals have all moved in the right direction…Encore released news on the Cladhan appraisal well 210/30a-4 located in UK North Sea Block 210/30a. Very good results;

“This is an important result for Cladhan. The well has confirmed both the presence of a large oil column in the main Cladhan reservoir as well as a new hydrocarbon bearing reservoir sequence, and has yet to find an Oil Water Contact. The next side-track to the east will evaluate the fan structure some 1,000 feet deeper, and has the potential to encounter improved net to gross as well as establishing Oil Water Contacts for both reservoir sequences. This will be followed by a side-track to the south which is designed to confirm the presence of oil in the Central channel”.

Berkeley Minerals is also giving out positive vibes. Two reasonably significant director buys just announced, albeit by the same director! This on top of the Kabwe aquisition agreement signing in the end of March and planned future aquisitions of more tailings sites, all help move things in the right direction. – The Chinese buy out rumours can’t hurt the SP in the short term.

Matra are climbing back slowly after last weeks production update. I expect to see further rises as the flow rates are increased over the coming weeks/months. Still a good buy.

Good luck all!

Doug

It seems the anticipated drop back due to lack of updates from Xcite never happened! It looks like today maybe the big day. Last chance to get in before the impending update? Rumours are flying around everywhere and the price has already gone up 5% today. I already have a fairly sizable chunk of XEL in the portfolio and I am content to leave it “as is” for today… If there is no news today and we do get a pull back I may still get some more.

I had planned to sell off my Ascent resources shares this week in order to raise some funds for additional XEL or GKP. I have decided to put this on hold due to Ascent announcing that they plan to start the second phase of drilling on the PG-11A well (Petišovci Project in Slovenia) this coming weekend. Results from phase 1 exceeded expectations and caused the SP to rise dramatically in February. I can see more upside than downside at this price. – Thoughts?

Matra have taken a bit of a hammering this week following the announcement that they had started production from the Sokolovskoe Field in Russia. Flow rates are not currently in line with forecasts but the wells have yet to undergo the planned acid stimulation and/or pump installation to maximise production rates. This is Russia were talking about so we will have to wait for the annual thaw and roads to open before equipment can be brought in to improve flow!

HSBC also making up some ground and now breaking even…

I use IGindex for my spread betting account. If you want an account – sign up using this link, I get a small commission for signing you up so if use the link to sign up and actually use the account, let me know and I will send you a free book on spread betting.

www.igindex.co.uk/?QPID=46523987&QPPID=1

Next update will be on a Wednesday! As always, very keen to hear from you – email websitemail AT dailytrading.co.uk or use the comments system.