Very difficult to read insider information into trading movements on BKP. Some weeks back there were significant spikes in BKPO that were out of tandem to underlying fpo's. I think both times I timed them to coincide with some drill events - but thats just my paranoid mind at work. Also the BKPOs are thinly traded so a buy of modest size at market price would do this.
I do tend to agree, that looking at nothing but price and volume that the fall from 32c to 26c would indicate that the 65mtrs is not great. I also believed it was in limestone not sandstone which I think can be problematic sometimes. The 2 and 1 mtrs were in Sandstone / shales so this holds better hope. The reason I am little more confident than when this well started is that if the 2 and 1 mtr sections do hold Oil, then it bodes well for the main target (if the same sequences continue - can count on seal integretity at least).
The question is if the 65mtrs was really no good, would insiders be pushing the sp it down further ? Personally I think they would (but thats only my opinion). So I think some news leaked that might potentially indicate a suspect find, but the logging is the crucial key and that has not come out yet, so with some hope comes some support at around 26c. A counter argument would be - why the heck have'nt they just said they have hit a potential column, blah blah blah, logging to confirm. Seems some others do this, so maybe BKP trying to delay bad news ????
How tightly held is the log information ? - pretty I think, but cant amagine CNOC could withhold from BKP so we wait. Watch for report tommorow and see if anything has unfolded.
For mind Im going to be pretty chuffed if the lower 2mtr and 1mrts are nice little reseviours with the tight seals, adn the 65mtrs just result of bad seal.
BKP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
