PCL

I last topped up PCL in Aug 2011 at 9.3c. Markets were tumbling and I felt a sense of foolishness buying PCL. I was proven to be a fool but luckily only briefly!

Last Friday, it closed at 18c. What is bright for PCL is how many big boys are farming-in into either its tenement or surrounding tenements. In the last quarter of 2012, spudding is expected to commence in off-shore Kenya. Of course, the hype is big... >8 billion barrels of oil.

The Namibian block is creating a lot of interest as more big boys (including BP) is moving into that region. Shell is making a bid for a JV partner of PCL.

I am holding onto to PCL but if the SP falls again, it might be tempting to top-up again. Already my PCL has gone up so much, it has become more valuable than my BHP, STO, ANZ and WES shares. These were bought in big parcels when the bulk of my superannuation portfolio was advised by Citibank. None has risen like PCL at nearly 7x net, first parcel bought in April 2009 at 1.3c.