No sign of excitement amongst EME investors, yet, Tom.
It has been a very long haul (it's not just ADI) and most of the long-term investors are hanging on grimly but unable to commit more. So the price won't move until the news (and cash) begins to flow. That's when the traders might start to show an interest. Once the price is over GBP and the O&G and £££ are flowing, the institutions might start to show an interest. Provided that there are no accidents, there should be no looking back at that point. But we have a way to go yet.
I would expect November to be a happier month but I don't see a real re-rating until we are further into the current 4 well programme. Good results from Kowalik should produce a bounce but there'll be a lot of overstretched holders looking to bank a bit of cash at least.
It would be nice if I'm wrong.
ADI Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
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