WCL 0.00% 39.5¢ westside corporation limited

Ann: Open Briefing - Reserves Upgrade and Decembe, page-7

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  1. 1,189 Posts.
    re: Ann: Open Briefing - Reserves Upgrade and... jake

    I've seen this happen before. The news of an indicative offer inspired quite a few fast money investors to jump on board and when the sp didn't crack on over 60c, they've looked at the gap on the chart and now they are abandoning ship. It will rise back up imo when the hot money is flushed out. It may not be the distressed seller at all.

    I topped up a little last week and in hindsight I should have waited, but the reason I did that relates to the sale process on Mungi. I believe that Mungi being for sale by tender is what pre-empted the discussions with WCL. I think whoever approached WCL, has also been in the Mungi data room working out the value of a combined field. MPO's CEO said in a recent update that they expected offers in about two weeks and that was released about two weeks ago.
    LNG ltd really don't have any option but to go for it before the end of June or they are likely to lose the site at Fish landing. Question is would their Chinese partners stump up about $350 million to secure enough upstream gas supplies to kick start the project. Not a lot of money for CNPC really.





 
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