I have been following the drilling announcements, and from purely a technical perspective believe that drilling is proceeding positively, albeit its advance delayed somewhat by the unexpected extent of gas now being flared.
Nothing in the announcement has suggested failure at all. I bought back into MAY as a consequence (early in yesterday's trading).
Now wrt to the market's reaction? I have absolutely no idea! I put the negative closing price to sheep following the leader, whoever that was.
I haven't read the market for this drill well at all, but the initial reactions (both ways - ie the initial crazy burst upwards after the first announcement to 3.8 cents and now the crazy drop to 2.5 cents) have been premature IMO.
The 2 primary zones are still there, and haven't been affected whatsoever by the drilling to date. I'm following the story on the exploration, but not the market's crazy fluctuations.
Ann: Alameda-1 Drilling Update, page-84
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Last
2.2¢ |
Change
0.000(0.00%) |
Mkt cap ! $74.14M | |||
| Open | High | Low | Value | Volume |
| 2.2¢ | 2.4¢ | 2.2¢ | $21.22K | 931.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 16 | 3584481 | 2.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 2.4¢ | 1992649 | 11 |
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| Last trade - 15.44pm 30/08/2024 (20 minute delay) ? |
| MAY (ASX) Chart |