My two little oilers, Sound Oil (SOU) and Bahamas Petroleum Company (BPC), have had an interesting week. BPC have taken advantage of the lowly share price to incentivise directors and staff by awarding 8 million share options , while SOU has announced that it will start drilling its Italian Casa Tiberi-1 exploration well, as early as next week.
So, what next for BPC and SOU share prices? 
For BPC it is tempting to say that, with share options at near rock-bottom prices safely in place , and news of 3d results due to start flowing, the shares will probably start to rally. My opinion is a small (under 1p rise on Monday) followed a steady rise in the run up to the 3d analysis results due in the New Year. I am looking for: News of a farm-in, earlier than expected analysis of the 3D data already collected and progress made in Cuba where drilling there is likely to encourage the Bahamian government to soften their negative stance on drilling. 
SOU has already jumped 50% to 3.1p on the news from Casa Tiberi-1, but this is still 3p off its recent high of 6.2p reached in April this year. With drilling results due 10 days after drilling the Casa Tiberi-1 next week more news from Java, Indonesian in the first quarter of 2012, I am expecting the recovery in the share price to continue.
BPC and SOU, though not immune from the effects of the doomed European currency, are still a firm hold in my view.
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