Good post Woodstock. My research is simple and direct. Explorers are a crapshoot, so I try to pull in the odds with my 4 legged stool:

1) Management - Webb had the YK experience

2) Investor base (ironically that was JP at the time most of us entered positions; now it's in much stronger hands)

3) Geopolitical security - no Venezuelas or Ecuadors

4) Valuation - what else would I say? - ABSURD

Strike