For some unknown reason I can't seem to upload my portfolio sheet to blogger today so I will do it in text form.
Basically, wow, is it gory. Main holdings this year are GKP, EMED and XEL. All of them have been smashed to pieces during the market volatility of the last 6 months. EMED is down about 25% from the beginning of the year (but over 50% from its highs), XEL about 60% and GKP 30%. Then my other smaller holding like Ascent and Xtract are also worse off, with Caza the winner had a mammoth 66% off its high and my worst ever buy. Only recently bought Chariot is up at all on the year.
However, partly due to the losses coming too quickly I have held on given that my strategy is to hold event driven shares, may as well wait for the events. This bit gives me hope:
EMED - Final permitting for their Spanish mine is due in September, as usual, there will be a delay, but the share price could easily double on the permitting news and in a better market would treble.
GKP - Have found another mere 4 billion barrels of oil this year whilst their share price has sunk. The key here is the Iraqi Oil law that will allow them to export and understand the price they will receive for their oil. Once this passes (and it has been nearly 2 years now....) the company will quickly be snapped up in a bidding war. Again potential for 100-300% upside from here.
XEL - this one I did get very wrong, XEL is waiting for DECC approval to begin operating the field they discovered in the North Sea last year. The shareprice has been hammered, down 70% from its all time high. However, with approval and a move to production a doubling or even trebling of the price is not beyond the bounds - but it will be 6 months yet.
AST (Ascent)- Great news this week that their onshore find is the largest onshore gas field in Europe. Company currently valued at less then £20 million. Huge buying opportunity really as the fraccing to get flow rates is about to start so confirmatory news will be end of September.
CHAR (Chariot) - Having finally found some JV partners, the exploration of their potentially huge fields off Africa has at last started. If the seismics are correct the company will be a big success in 2012. Have bought in at a low price having sold last year into it strength.
CAZA - Huge market over-reaction to a duster, still 3 wells about to announce commercial flow rates (albeit small in the grander scheme of things) should help the shareprice double from where it is today before year end.
XTR - Currently suspended pending a merger, drilling in the North Sea in September, quite make or break for the company although the merger will give it financial strength for a couple of years. Share price is 2.7p, any joy in drills and it could be 30p - so not one to invest a fortune in as even a small sum may eventually make great returns.
So in summary, pants. Portfolio value back to where it was last September having been more than double that in Feb this year. However, long-term plenty of good news to come at the share level - however macro issues might overshadow all.