Tuesday 4 October 2011
Yikes - portfolio tops 65% down on the year
CAZA - 80% down, 3 bad drills in a row (out of eight planned), one of which was a duster, have knocked the business right of course, down from 65p highs of the year to 8p this morning. Cash on the balance sheet is considerably higher and they did a large placing for this at 40p less than 6 months ago. Shocking, too late to sell now...
GKP - Down nearly 40% on the year with huge dips this past week. Now at 125 when just a week or two ago was 186. No real news here, continues to find billions of barrels in oil and awaits a full permit process from the Iraqi Government.
EMED mining - down 75% from the year high of 22 to 6.5p. Permit news imminent which in normal markets would see the share push its analyst targets of between 35-50p. In this market will it even get to 11p (breakeven for me!).
XCITE energy - Shocking performance as the company blew it earlier in the year with a poor resources estimate. Awaiting final approval to develop its North Sea oil field - due between now and Xmas - touching 115p today. On production with oil at $85 a barrel a full valuation would be about £5.
Feels like capitulation to me but the FTSE as a whole is still only just under 5000 as the risk shares I own have taken the biggest kicking...bring on QE2 for my portfolio. Cancel Xmas.