Wednesday, 30 March 2011
March Trading Update - Keep Calm, Carry ON
Not a good month, now down 2% on the year. The main action in the portfolio is waiting....waiting.
XEL - Will produce its CPR report anytime now which should re-rate the share. Recovered well from horrible HMRC tax assault in the budget.
EMED - Will get 'Administrative Standing' approval which will re-rate the share, anytime from now.
GKP - Longer-term, need to wait for Iraqi Oil Law changes for major re-rating, all drilling seems to go well and the company will be a huge bid target once the regulatory system is eventually sorted.
AST - Buggers, not happy with the management, ran our of money and delivered a placing at 5p. having told the insiders about two days before so the shareprice collapsed 30% as the insiders shorted it or sold out to buy back in lower. Huge dilution, dreadful behaviour and now even with success in drilling the biggest on shore gas field in Europe I am out at 9p rather than 20p. No respect for Management.
XTR - Strong and steady, no real activity expected for a few months, but this is one share that could be a dream share in a year or two.
CAZA - Oops, bought on hopes of success in drilling for gas in texas, now very oversold, still nasty little loss; has to be expected though when so heavily into Exploration plays on AIM.