From the latest company's drilling update....17 Feb

http://moneyam.uk-wire.com/cgi-bin/articles/200402170700084897V.html

Can anyone with mining knowledge explain these terms....

What does sidetracking mean? Approx how ong will that take?
Approx. how long will it take to correct a deviated section?
Is 'crude oil in shale samples' a good indication that there is oil?
Is 'Gas-bearing porous sands being logged' a good indication that there is gas?
Basically what does logging involve ?

Any views re AEX potential??

Regards
Stephen

todays IC page 57 BUY

MP Hi,

I guess that explains todays buying, and probably some from the last few days, by those who work for or print IC ....

Cheers,
PM

Dear All,
Earlier today I did a search on threads contributed by PM1, Tanker & Goldfinger. I then checked the ones with up to around 100 posts and had a recent posting (by anyone). This one came up and it seemed worth a go, later on I was browsing IC lunchtime and by coincidence it was there today as posted above. I've just bought 1k @ 15.5p as it was rated a buy and is below the year high of 17. I know I'll not gain as much as the rest of you being in earlier & lower, but I just wanted to say thanks and good luck everybody.

I've seen "multibagger" mentioned and was wondering what your REALISTIC/REASONABLE short, med and long term targets are.

Cheers.

Welcome aboard.

Personally I can see 18p short term, as in next week and medium term 30p, as in by year end.

As for long term there are many variables and the real progress is to made in 2006, so your guess is as good as anyones.

Sidetrack drilling
A remedial operation which results in the creation of a new section of well bore for the purpose of detouring around "junk", redrilling a lost hole or straightening key seats and crooked holes. Also called sidetracking. Thats the textbook version from what you've said they are sidetracking to correct a deviated section, regarding time frame it depends on how much has to be corrected and at what depth!!
'Gas-bearing porous sands being logged', this is the analysis of gas density within sands, its an indication of gas however the logging exercise will calculate how much gas is present. e.g. x (gas amount) per square metre etc. Can anyone elaborate any furhter??

MadPAd - could you let us know what it says, thank's.

IC view''the shares haven't been buoyed by the Korean ventures-but that's wrong.Buy''.Suggest you get hold of a copy and read the article as well.

Thank's for that Mad Pad. Should be plenty of buying on Tuesday then!

I'm in for the long term so buys or sells on Tuesday wont concern me too much,in any event I'm allready up 41 percent,infact Iwould expect a bit of profit taking after such a sharp rise.

I think this is very much one for the long term and providing the NK's don't renege on the deal, I can't see much downside. After a super ride in my dealing portfolio, decided to switch my ISA into AEX, but found this very difficult with squaregain, who said there were problems with this stock. Eventually managed @ 15.74 late on Fri, but was left with the impression there was a stock shortage.

Squid no problem with this stock I hold mine in an ISA

Two 750k sells at the end, strange.

Rob Hi,

Just someone taking profit, it's gonna happen a lot on the way up ....

Cheers,
PM

I think all oil stocks will see a big rise next week.........certainly the price of oil will rise. Just hope it doesn't cost too many lives!!!

-That Katrina is one hell of a bitch!

Mmm..... yes.

However as the 6 party talks are put back until middle to late September that may have a negative effect on AEX.

Reason given is a lack of trust betweeen the participants.

Talks delayed

Make your own judgement or wait and see.

Seawallwalker Hi,

Thanks for letting us know about the delayed talks, I hadn't got around to my usual weekend searching .... too many parties :)

MM's may still play their little game this week, of a string of 1/2/3 15,000/20,000 buys, pushing the price up .25p on each one ....

Cheers,
PM

SEOUL, South Korea North Korea said Monday it would delay by two weeks its return to nuclear talks, blaming the decision on U.S. military exercises and Washingtons appointment of a special envoy on human rights.
Delegates to six-nation talks aimed at persuading North Korea to give up nuclear development took a recess earlier this month after failing to agree on a statement of basic principles. They agreed to meet again this week.

But the communist nations Foreign Ministry on Monday postponed the talks, saying it will return the week of Sept. 12 when one will be able to view that the war exercises have worn down a bit.

What the U.S. has done is little short of spitting at the DPRK, the official Korean Central News Agency, KCNA, quoted an unnamed ministry official as saying. It has seriously insulted its dialogue partner and broke faith with the DPRK.

DPRK stands for the Democratic Peoples Republic of Korea, the countrys official name.

The ministry spokesman said the nations in the talks China, Japan, Russia, the United States and the two Koreas had agreed not to make comments or take actions that would hinder resuming the talks, but the moves by Washington obliged it to act.

North Korea had notified the United States during recent contacts in New York that it couldnt return to the talks as scheduled during the military exercises, the spokesman said, adding the United States expressed understanding of the Norths position.

North Korea routinely criticizes the annual Ulchi Focus Lens military exercises between South Korea and the United States that run through Friday this year. About 10,000 Americans and an undisclosed number of South Koreans are taking part in the exercise, which will evaluate and coordinate defense operations on the Korean Peninsula.

It is unimaginable for the DPRK to sit at the negotiating table with the U.S. at a time when the powder-reeking war exercises targeted against it are under way, the North Korean spokesman said.

Also angering Pyongyang, Washington announced Aug. 19 that Jay Lefkowitz, a former adviser to President Bush, will be in charge of promoting efforts to improve the human rights of the long-suffering North Korean people.

The new post is part of the North Korean Human Rights Act passed in the Senate last year that provides $24 million a year in humanitarian aid for North Koreans, mostly for refugees.

North Korea has long been criticized for its human rights record, and the State Department has said between 150,000 and 200,000 people are believed to be held in prison camps for political reasons alone. The North denies it holds any political prisoners.

In a separate commentary, KCNA said the appointment of the envoy was an absurd and foolish attempt to overthrow the system of the DPRK at any cost by adding the human rights racket to the nuclear issue.

South Korean Foreign Minister Ban Ki-moon said Monday he also expected the talks to reconvene in mid-September, after a scheduled visit early next month to Washington by Chinese President Hu Jintao, according to pool reports from the South Korean presidents office.

Our position is that it would be difficult (to restart the talks) within this week, ministry spokesman Lee Kyu-hyung said. China will notify the negotiators when the talks are to be held, but there has been no notification yet, he said.

The nuclear crisis erupted in late 2002 after U.S. officials say North Korea admitted to running a secret nuclear program in violation of an earlier deal with Washington.

At the earlier talks, the sides deadlocked over the Norths insistence to peaceful nuclear programs, such as for generating electricity. The United States says it doesnt want to allow any nuclear programs in the North, citing its past record of seeking atomic weapons

Hi All,

I remember that I suggested buying AEX about 3 weeks ago, when the S.P was 7.875p, so almost 100% up since then .... nice :)

Cheers,
PM

I got in a bit late but still looking at a 50%+ gain in under 3weeks............can't complain about that Paul!

NEW YORK (AFX) - Crude and oil product prices struck new record highs in
electronic trade Monday, as a major hurricane threatened production in the Gulf
of Mexico.
Front-dated crude futures were recently up $3.13, or 4.7%, at $69.26 a
barrel, having touched $70.80 earlier in the session, the first time the
contract has traded above the $70 a barrel level.
Meanwhile, natural gas futures rose a staggering 17% to $11.48 per British
thermal unit, and earlier climbed above $12.
Unleaded gasoline futures rose 20 cents, or 10.4%, to $2.128 a gallon and
heating oil jumped 14 cents, or 7.6%, to $1.98 a gallon.
Traders have been eyeing Hurricane Katrina's progress for the last week and
crude for October delivery struck a peak of $67.95 a barrel on the New York
Mercantile Exchange Friday to mark the last intraday record for a benchmark
contract.
But prices dropped $1.36, or 2%, late in the session to close at a three-day
low of $66.13 as fears abated.
Over the weekend, the storm - which late last week had been classed as
category 1 - gathered ground and hit land early Monday as a category 4 or 5
storm.
Gulf of Mexico and onshore oil and natural gas facilities had closed ahead
of the storm, a threat to facilities at Port Fourchon, La., near New Orleans,
which handles around one-sixth of U.S. oil supply, and rigs in the Gulf of
Mexico.
Agbeli Ameko, managing partner at First Enercast, said crude prices could
push toward $75 a barrel today, while natural gas may move toward $12 per
million British thermal units.
The hurricane will have a significant short- and long-term impact on energy
markets, impacting production off shore and on shore, and shutting in refining
and processing facilities. The Minerals Management Service will report shut-in
statistics at 2.00 p.m. Eastern Time.
As the shut-ins persist, increasing winter supply concerns, the potential
for $80 a barrel crude and $15 per million British thermal units natural gas are
realistic, said Ameko.
"Katrina is approaching as a category five hurricane at a time in which the
supply and demand is in a delicate balance" he said.
The long-term impact on supply will make the market vulnerable to winter
price spikes if temperatures are colder than average, he said.
The sharp spike in oil prices sent stock futures sharply lower. Dow futures
were last down 35 at 10,372, S&P 500 futures were down 3.90 at 1,202 and Nasdaq
100 futures were down 8 at 1,555.50.
Energy shares, in contrast, rallied strongly. Exxon Mobil was last up 1.6%
at $59.35 in premarket trade on Instinet. Valero gained 3.5% at $92.50,
TotalFina added 0.8% to $126.84 and BP was up 3.1% at $68.15.
In the oil services sector, Schlumberger was up $1.7% at $83.50.