Ann: Exploration Development Incentive-CXO.AX, page-195

Agreed the trading in the fully paids was odd, but the clue that it was just a tree shake was that there was no selloff in the options, in fact no trades at all, and most of the bids up to 1.7 just sat there waiting in vain to be hit.

I'll concede however that the fake bid for 1.5 million at 4.7c which was placed early on in yesterday's closing auction (and then pulled a few minutes later) did flush out a few sellers, this morning could be seen as a test of supply which is still playing out as more sells are loaded into 4.3/4.4 after 4.4 had been wiped by buying around noon.

IMO the CXOOA bidders who are prepared to pay 1.7c must be confident that CXO will move to at least 6c in the short term, hopefully much further.

Cheers