gooday Etherazer - welcome to the Orca bandwagon. hope it's a better ride for than me. if you got in around the current SP, then you surely must be more comfortable than I.
we here have opined that 'theoretically" that given that 20% of shares will be cancelled, that the SP should theoretically go up.
but obviously it has gone in the other direction.and it looks weak.
what is clear is that the turnover is very low, and the $ involved is very small.
my only answer is that the market has judged that OGY has unloaded it's "blue-sky" potential. and that term "blue sky" is actually a SXY description of its unconventional assets.
the other more pertinent reason for the SP drop will be because the cancellation of SXY's 20% s/h, indicates that SXY will not do a T/O any time soon. that was the big negative for me.
the Board has already approved the sale, but it will be subject shareholder approval for the sale etc to go ahead.
Importantly SXY will not be able to vote, so smaller s/h will have a bigger say in the outcome.
Whilst I am disappointed that the discussions with SXY did not eventuate in a T/O, I guess this is not a bad outcome.
The Fury blocks and the Burruna blocks evidently have very good prospects, so maybe we will get some good news upon re-enrty and flow rates from Fury soon.
and no CR for over 12 mths!
cheers
OGY Price at posting:
1.6¢ Sentiment: None Disclosure: Held
