I think a lot of the optimists are very realistic. I agree there were a number of utopian investors out there too, but I think it's a bit of an exageration to call everyone who still believes in the project(s) and/or decent upside an utopian investor.
I don't think there is anyone left who blindly accepts anything the company puts out at this stage.
- About $40m spent on Monglia, confirmed by the company that that project will likely see no return in terms of SP appreciation. - About $20M spent on Grandis, confirmed by the company that there obligations are now fulfilled and can sit this one out for 15 years.
- Contingent Resource upgrades will do nothing to the SP - we are past the stage where a large contingent resource number impresses the market. We need to get the gas out commercially. - A Mongolia update will do nothing to the SP, reason above. - Diona news will be met with scepticism: great to have a JV locked in and drill planned, but who knows what will f* up during the program this time.
Longer investment timeframes are needed with this stock. And the opportunity cost is starting to get very real for everyone. Bearing all this in mind, I remain positive for the time being. It's time to deliver something - EXR is on strike 3.
EXR Price at posting:
5.2¢ Sentiment: Buy Disclosure: Held
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