Once again, I don’t see anything sinister or suspicious in the slightly downward trend of the last few months. Firstly, the company decided to defer fracking til after the wet season. Then the whole sector softened, affecting just about every O&G stock. And thirdly, this stock has been (correctly) perceived as cum-raise for a while. The last quarterly report just reinforced that, so it’s been no secret a raise is coming. In my view, owning this stock is about believing three things:
1. The Beetaloo is full of gas; 2. This next frack will deliver results consistent or better than expectations 3. The NGP will soon get re-opened and/or supplemented by other pipe capacity from APA to service the increasingly gas-starved East Coast market.
EEG Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
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