Bit of buying this morning as stocks hit my target price

Three stocks added to the portfolio this morning - Chariot (Oil and Gas), Sound Oil (SOU) and Caza Oil and gas (CAZA). Plenty of decent news flow over the next month or two on these.  

Chariot is down from over £3 in March to 239p today with a placing of £90 million completed at the beginning of April at 250p. They are in negotiations for a farm in deal and an announcement is due early May. I sold my holding back in early April when it went over 300p so at 239p a good buy back opportunity.

Sound has been drifting down from over 6p to sub 5p earlier today. As a reminder here is the news flow for the rest of the year. See my company review on Sound at  /posts/2011/3/26/sound-oil-sounds-like-a-sound-investment.html

From Q1 2011 here is the expected activity from Sound :


  • Q1 2011, Badile, 100%, Initation of seismics
  • Q2 2011, Marciano, 99%, Well Completion
  • Q2 2011, Badile, 100%, Completion of seismics 
  • Q3 2011 Dora and Laura, 100%, Initiation of seismics
  • Q4 2011 Dora and Laura seismic completed
  • Q4 2011 Strombone, 50%, Start of drilling


  • Q3 2011 Citarum, 20%, Start of drilling
  • Q3 2011 Bangkanai, 5%, Start of drilling

Caza had had a terrible run after the disapointment at the Marian Baker #1 well on the Arran prospect in Acadia Parish, Louisiana in March. The shares have dropped from 56p to 25p giving it a market cap of just over £40 million. It has sufficient funds for the entire 2011 drilling programme.

Q2 2011
–OB Ranch #2
–Drill Caza 158 #3 (Devon Operated)
–Drill San Jacinto #1 and #2
–Drill McMillan Yegua #1
–Drill Tireeprospect
•Other 2011
–Drill Lewis prospect
–Drill OB Ranch #3
–Accelerate OB Ranch Cook Mountain development drilling
–Commence potential Yegua exploration15