Solimar Energy (SGY) who have 15% of Paloma are up about 25% over the last week (no announcements). If you recall SGY used to own 25% of Paloma but gave up 10% to NEN in return for no further obligation from SGY to fund the development. NEN doing a cap raise for Paloma pretty much amounts to free money for SGY.
If this is a cap raise to develop the Paloma project I'll sell some SGY on the bounce and buy into any weakness in NENs price post-raising. Nice way into a much better Paloma play.
Just thought I'd share that.
Have a nice day.
NEN Price at posting:
34.0¢ Sentiment: LT Buy Disclosure: Not Held