Oil & Gas explorers

This kind of stocks is high risk investment.  Over the last 2 months, in one portfolio, I have topped up on SXY and WHN and bought PVD after a Proactive Investors seminar.

In a falling market, a plethora of good announcements counts very little.  After I topped up on SXY (bought below the price of a rights or SPP issue), its share price has been drifting downwards.  Yesterday was the first time, it went over my buy price.

WHN?  Nothing is going to happen until it announces a powerful JV partner pouring cash into it or one neighbouring explorer finds hydrocarbon... in decent quantity.  It has drifted way below my top up price.  It can wait.

PVD is still staying above my buy price.  It too will behave like WHN.  Both have large acreage, both have produced good hype (seismic studies are convincing) and both don't have the cash to drill on their own.  The good news is big boys have moved into those areas but nothing much is happening... yet.