The reason that the market didn't like the announcement is that it seems ORG gave away 50% too cheaply( 13m + a " component" of the cost of the well) i.e. not free carried.
They didn't say how much this "component" is.
The well might cost 200m.
If ORG was free carried ,The 50% is worth 113m & the market would have valued PCL @ around 50-60m.
So, in fact the market is reacting rationally.
significant announcement, page-30
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1.7¢ |
Change
0.001(6.25%) |
Mkt cap ! $138.2M | |||
| Open | High | Low | Value | Volume |
| 1.6¢ | 1.7¢ | 1.6¢ | $44.36K | 2.755M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 846381 | 1.6¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.7¢ | 4354241 | 7 |
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| PCL (ASX) Chart |