Guys
Thanks for the various responses and sorry not to have been monitoring the STX thread today. Been otherwise occupied, and what time I did have I devoted to a couple of my other stocks...
I am very encouraged by butcherano's and xsmangos's comments about the language used in the announcement and I guess I understand there would be limitations on interpretation of mudlogs etc. The seal being intact is fundamental, as is the reservoir quality. I am anticipating the latter to be likely ok, bearing in mind there are nearby wells accessing the same formation.
I have a lot riding on this one, and bought some of my holding at 33/34 cents (as well as some as low as 20c). I am reasoning right now that the price still looks a terrific entry for an investor who is not holding.... because of the following:
. the company has just raised capital to drill not only this, but the next major well also (Rayburn), therefore no discounted placement unless there is success here (for development costs)
. the company already has a sound cash flow activity and the US gas price appears to have stabilised at a reasonable level
. the upside potential from success with this well/field is staggeringly large for a company of this size...and there is another well of bigger proportions to follow.
I was able to buy into the initial Texas success at a ridiculously cheap price because of other investor apathy about the gas shows. That gave me a great return and I am sorely tempted to ramp up my holding even further right now because it looks a very similar situation. But I am resisting, and in any event the market is being extra kind atm so all cash tied up.
I am quietly confident we are onto something big here, but we have to be patient and keep fingers crossed....downside/upside relationship looks favourable.
regards
DF
ps...Afroboy, I couldn't really tell from Simon Ashton whether he was ecstatic or not. He does play the cards close to his chest. I took the opportunity of saying that they have a great partner in Cypress and he agreed (but that was all).
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Last
20.0¢ |
Change
-0.010(4.76%) |
Mkt cap ! $572.1M |
Open | High | Low | Value | Volume |
20.5¢ | 21.0¢ | 20.0¢ | $1.785M | 8.776M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
76 | 3486632 | 20.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
20.5¢ | 1783463 | 9 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
69 | 3217422 | 0.200 |
30 | 2429917 | 0.195 |
40 | 1749416 | 0.190 |
10 | 380825 | 0.185 |
15 | 486445 | 0.180 |
Price($) | Vol. | No. |
---|---|---|
0.205 | 564004 | 3 |
0.210 | 479558 | 6 |
0.215 | 818358 | 8 |
0.220 | 3136893 | 14 |
0.225 | 641223 | 9 |
Last trade - 16.10pm 19/07/2024 (20 minute delay) ? |
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