Now, Make That 100%!

Anyone who followed my advice of a few weeks ago made 100% on whatever they invested at $0.11. I probably ought to quit while I'm ahead! The stock was up $0.06 yesterday to $0.23. As usual, it was just misplaced enthusiasm about the prospect of a drillship getting to the Gulf of Guinea laer this year.

Merry Christmas Redux!

As I predicted just before Christmas (see my "Merry Christmas!" post, below) anyone who bought a boatload of shares for $0.11 would make 20% on their money at $0.14 by March. Well, I was playing it safe - they made 20% by today, Jan. 23, when the share price reached $0.1425. On 300,000 shares, that would be about $9,000, giving a quarter-cent to the market makers..

Congratulations if you listened!

P.S. I'm sorry I didn't mention that the Adan Abraham is in Capetown. It has been there for a while, Jim Ledbetter indicated. It has two or three other jobs before it could get to us.

Ledbetter's Laments

We've had a long conversation with Jim Ledbetter, the company's recently separated Chief Technical Officer. He is doubtful, I gather, that the Adan Abraham will ever be our drillship, but notes that several others are possibilities. Nonetheless, he isn't hoping for any drilling activity until the last quarter of 2009.

He was critical of decisions to throw away corporate money on lawsuits that solved nothing, went nowhere and only achieved a reduction in our assets. He felt strongly that current management is generally incompetent.

I hope to add more about his observations soon.