I think profit taking was inevitable. Some were looking for a bigger announcement but in IMO this announcement is very good. With all the profit takers, I am glad it wasn't the big announcement - now that we have shed some more loose investors.
If everyone can refer back to the company's presentation and the 'Stretgic Plan-Theme': I think it is coming along nicely, ticking all the right boxes. This announcement was point no.3 on the plan. The big JV will be next... or perhaps capture another asset???
1.Building on the Seychelles to grow our portfolio into Africa. Initial East Africa focus.Strong West Africa deal flow
2.Playing to our strengths in Australia Eg. W10-25/WA-460-P
3.“Line of sight to production”. Capture an asset (or 2) which has a clear timetable for production in 3 – 5 years
4.“Promotable” projects. High reward, likely higher risk, low entry cost, “blue sky”, first mover
QFY Price at posting:
5.3¢ Sentiment: LT Buy Disclosure: Held
