I must admit I am a little surprised at the response. I actually thought that announcement was about as good as it could be at this stage.
It is strange to think that we could declare commercial flows in two weeks time and possibly then only reach slightly above the share price we were pre-drill.
Unfortunately it is only worth what the market is willing to pay. I think it is probably undervalued considering the risk/reward scenario; the risk is now lower than pre-drill and the potential reward hasn't really changed. I am worried we may stay in this position (not at this price, but undervalued relatively) even on a sizeable discovery.
Can any chartist tell if 0.12 is a resistance level? We have come up against it a couple of times recently, seems to provide resistance but little support the other way.
JKA Price at posting:
10.7¢ Sentiment: Hold Disclosure: Held
