Member Info for zooropa

Remember this article from a month ago http://www.timesofmalta.com/articles/view/20120906/local/Oil-well-is-likely-next-year.435757 A government spokesperson said a due diligence exercise on Genel Energy was under way and a final decision was expected soon. He indicated that the exercise was expected to yield positive results and the government would give its go-ahead for the drilling to start.

I'm sure you're right but Ombrina Mare just never seems to get anywhere due to Italian bureaucracy (I presume). It's very frustrating.

Thanks Gary. I don't have access to L2 data so i can't see sell vs buy volumes , rsi etc. It just looks like it's sliding back to 11p just like after the last spike. Hopefully it'll settle around 14p before pushing upwards again. This is so frustrating and patience isn't one of my virtues. What do you make of the change of non-executive director from Russo to Testa? Does this indicate that Russo struggled to help with advancing Ombrina Mare project?

What is it with this share. Just when you think you're getting decent momentum (the share price suddenly rises by 8% for no apparent reason) then it's a death by a thousand cuts

I've just emailed MOG and asked if they can provide an update on OM progress. I guess it's progressing slowly as the bureaucracy in Italy is horrendous - it's not a business-like country.

The markets don't care Bill. What's the latest with Ombrina Mare?

Seems like a good plan to me. Pity about the 5% retrace but at least the15p resistance has been breached and I think this will form the new support level. Think it will test 16p resistance like it did earlier today several times over the next week before breaking through that.

I certainly wouldn't sell sub 40p at which point i'd take out my original investment

I don't know if i'd use the word wisdom when referring to myself but i've been in this share a long time (at least a year before the drilling ban) and followed nearly every twist and turn in it ever since. The pent up potential is just really obvious and Bill Higgs seems to be an astute leader. If you're looking for wisdom pay more attention to GaryMegsons posts. He always posts facts rather than opinion (like i do but my opinions are based on facts or at least my interpretation of them)

If you take a longer term view these rises are tiny

Thanks for the link. Quite a different interpretation when you look at it over a longer timeframe. Looks like a fairly linear trend up.

There seems to be a lot of resistance at 15p. That's 3 times in the last few weeks it's tried to break through. Ridiculous really but we need more positive news.

When I say shoot up i mean that the share price will rise by tens of percent suddenly on positive RNS's from any one of the following (LGO Dispute, OM Env Assessment, OM Production Concession, .....). The really big rises will occur from positive drill results. However, don't underestimate the ability of this to multibag over the next 12 months due to a few percent gradual rises punctuated by positive RNS's even before drilling results. Of course one or more of the RNS's could be negative. Remember this was 50p+ a few years ago before Gulf Spill led to Italian Govt putting drill ban in place. If it was worth 50p+ then i reckon it's worth £1 now what with the Genel farm in, debt clearance and steady (if small) profits that are at least enough to keep staff paid plus cover some operating expenses

My thoughts exactly. You wouldn't want to be out when a positive RNS comes in on this share as it will move tens of percent in minutes.

The Ombrina Mare updates seem to be taking forever. Is it just me or can anyone else see a pattern where the share price goes negative in the morning and by end of day it's positive. It's as if the stop losses are being triggered by MMs or am i just a suspicious individual?

That's true. Just look for a chance to take out a significant part of your initial investment and be patient. There's only so much research we can do. At some point you have to make the leap of faith which we've both done.

take not break I must learn how to switch off my iPad predictive texting

Consider putting a 30% trailing stop loss andbrake a 6 month view. When it multibags take out your initial investment and keep your trailing stop loss on the remainder. I think the share price will more than double long before positive drill updates are announced giving the chance to bank your initial investment long before any black stuff is found.

You can't win em all. I'm convinced you'll do really well with MOG if you hold for at least 6 months. If you take a 3-5 year view you could do really really well.

Happy they're moving in the right direction for you. Sure LAM will rebound after such a big drop and you'll do well out of that too.