Agreed. However, the flip side to this is the steady increase in production (expect a major jump in a few weeks once the current bunch of wells to be fracced come on line) provides a robust fundamental foundation for share price growth through to the end of the year. It is this reason also that we are seeing a holding pattern and volume dry up over the past month or so. From a technical point of view we are setting up for a breakout and based on the continuing improvement in fundamentals, I expect a breakout to the upside.
I'm not surprised about bluff, it does not appear to be a current priority (and the info to-date do not suggest any reason for it to be a priority). I put it in similar basket as defender. If it manages to produce commercial oil, thats great. If not, I'm not so concerned as the market expectation for it to produce is not huge.
AUS2 had its work-over last week or week before. Still early days but it is producing approx 150BOPD. As you say, it is a 100% WI well so 150BOPD is a great unexpected kick to the production bottom line.
We are in a lull at the moment and will be for a few more weeks IMO. This is only a negative for day traders. As long as they keep bringing more wells on line I am happy, mid term SSN is looking strong. As buc said, let the drill bit do the talking.
SSN Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
