imho - the reason the stock is being smashed is 2-fold:
1. the results from PS-3 suggest a tight reservoir, it may be "solveable" (understanding the stress direction / fracture orientation / angled well bores), and the brief info the company released suggests low net-to-gross, meaning that if it flows, then vols may get smaller ........as a result - the aggregate volumetrics across Roc and PS may not meet the min threshold ......
2. mr market understands that appraisal of Dor - may require some additional cash .......
as with all juniors - there are periods of time when nothing happens, and then times when it all happens .......
for CVN - they need to make some rational decisions regarding capital allocation:
1. they could sell 50-70% of Buffalo, for say 20-25m and a part carry ........this would be positive given it needs 20m spent to see if the upside case exsists !
2. come out with a new resource statement .....as people have said - its abt Dorado now ......
3. hopefully - Quad wants to appraise this one asap .....
4. farm down Lab....
I took profits ....and now don't hold ......
I still think Dorado has "large upside" ........
but - mr market wont pay-up in the short-term - b/c of perceptions over reservoir risk (ie how it varies over the greater Dor-Roc structure).....
rgds
V_H
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16.5¢ |
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Mkt cap ! $295.1M |
Open | High | Low | Value | Volume |
16.0¢ | 16.5¢ | 15.8¢ | $174.8K | 1.079M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 131000 | 16.0¢ |
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Price($) | Vol. | No. |
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16.5¢ | 1251077 | 11 |
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No. | Vol. | Price($) |
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1 | 6000 | 0.160 |
7 | 822509 | 0.155 |
10 | 333173 | 0.150 |
16 | 424349 | 0.145 |
4 | 387714 | 0.140 |
Price($) | Vol. | No. |
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0.165 | 1151077 | 10 |
0.170 | 1651292 | 15 |
0.175 | 1489783 | 13 |
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