It's worth keeping things in perspective also - top 20 holders (circa mid-April 2025 last time I checked), held 44% of all SOI. This is a VERY robust register for a minnow O&G explorer. Go have a look at any of our peers - may/88e/exr/etc. We are held very tightly.
Consider that from 18-March to 9-April (the drop after wds exit from top to bottom - 0.015 to 0.005) - a total of circa $10m aud shares were turned over (bought & sold) to move the sp approx 60% lower - circa 1.4B shares (bought & sold) - circa 15% of total SOI.
Consider that this recent upwards move from 22-April to 12May (now) - 0.005 - 0.013 - a total of circa $4.3M shares were turned over (bought & sold) to move the sp approx 100%+ higher - on circa 460M shares (bought & sold) - circa 5.7% of total SOI.
I'd like to see the most recent Top 20, but just given the ability for very little cash (buying or selling) to move a SP so drastically - we can deduce that it is very likely top 20 are holding very tightly (and likely increasing exposure) - not that they are right (to be clear). But - It's not going to take much actual positive fundemental news to move this.
PCL Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
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