Seems the current shareprice which drifted off on low volume earlier this year from 0.60 to 0.45 , (coinciding with a move lower in Oil price down from USD 60 per barrel to USD 50 pb)... has not responded to the recbound in Oil back to USD 60 again.
It also seems the market has not responded to the project update last week... there is alot happening in the near term with this company which suggests it is well undervalued at these levels... i expect by end of 2nd quarter this has the potential to be at least 80c, if not higher.
Last paragraph of Feb 22nd announcement said : "Directors currently looking at two projects twice this size ( 500 bcf Gas, ... therefore projects in size with 1 trillion cubic feet of gas )... details of these projects should be released in the coming weeks " . Added to the existing projects already underway and their successful track record i find it hard to believe the Sp is still hovering around 48 cents!!!
Given that the management of this company has fullfilled most of its stated objectives since listing last april it would be a high probability medium term punt they will continue to deliver....
However, It does appear someone is making some sense of this potential because the June 2008, 40 cent options are trading at 25 c... not a bad premium, suggesting the stock shud be at least 65 cents!, add on at least another 5-8 cents for time value!!
they dont come much better than this.... good luck !
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