this stock is still tied to its ability to secure a rig.
The market has demonstrated it rates the company at about cash backing, which is harsh IMO.
However, given this judgement it could well continue to push NSE down to about 40m backing by the end of the quarter as that is the projected cash balance. Another 10% from the current SP.
Like I said, I think current prices are overdone but the market does what it does...
NSE needs to secure a rig and set a time for diggin up dirt again.
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