The reason that the market didn't like the announcement is that it seems ORG gave away 50% too cheaply( 13m + a " component" of the cost of the well) i.e. not free carried.
They didn't say how much this "component" is.
The well might cost 200m.
If ORG was free carried ,The 50% is worth 113m & the market would have valued PCL @ around 50-60m.
So, in fact the market is reacting rationally.
significant announcement, page-30
Add PCL (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
1.5¢ |
Change
0.001(7.14%) |
Mkt cap ! $121.9M | |||
| Open | High | Low | Value | Volume |
| 1.4¢ | 1.5¢ | 1.4¢ | $26.73K | 1.872M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 1529182 | 1.4¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.5¢ | 8578600 | 15 |
View Market Depth
| Last trade - 15.55pm 28/10/2024 (20 minute delay) ? |
| PCL (ASX) Chart |