The 1.16m order is back at 26. Without it the sell side is extremely thin.
PPP: The quarterly reported that the company is sitting on $105m in cash or 18 cents per share. With remaining reserves of 2.23mmbbls at Tui (worth $178m less costs), PPP's cash reserves are likely to keep growing in the near term. The question is what will the company be doing with all that cash? Directors bought 4.9m shares on the market at 15.5 cents on the 21st of July. The company has said in the quarterly that it has been continuing in its pursuit of additional attractive new opportunities in South East Asia and the Australia New Zealand region with the aim of further expanding the exploration and production portfolio. I can only conclude that the directors have bought more shares because they see good value and future potential in PPP. They are in the best position to assess that value and have taken action accordingly. I would be surprised if we don't see some new projects coming into PPP in coming quarters. Price Target: A higher high / higher low has been confirmed last week and prices look set to advance into the 20's this week. The slow stochastic, MACD and RSI are all rising. There is a gap at 22 cents which is my initial target. Disclosure: Holding PPP
PPP Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
