imho - the reason the stock is being smashed is 2-fold:
1. the results from PS-3 suggest a tight reservoir, it may be "solveable" (understanding the stress direction / fracture orientation / angled well bores), and the brief info the company released suggests low net-to-gross, meaning that if it flows, then vols may get smaller ........as a result - the aggregate volumetrics across Roc and PS may not meet the min threshold ......
2. mr market understands that appraisal of Dor - may require some additional cash .......
as with all juniors - there are periods of time when nothing happens, and then times when it all happens .......
for CVN - they need to make some rational decisions regarding capital allocation:
1. they could sell 50-70% of Buffalo, for say 20-25m and a part carry ........this would be positive given it needs 20m spent to see if the upside case exsists !
2. come out with a new resource statement .....as people have said - its abt Dorado now ......
3. hopefully - Quad wants to appraise this one asap .....
4. farm down Lab....
I took profits ....and now don't hold ......
I still think Dorado has "large upside" ........
but - mr market wont pay-up in the short-term - b/c of perceptions over reservoir risk (ie how it varies over the greater Dor-Roc structure).....
rgds
V_H
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16.5¢ |
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Mkt cap ! $295.1M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 441949 | 16.5¢ |
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Price($) | Vol. | No. |
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17.0¢ | 2048593 | 4 |
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No. | Vol. | Price($) |
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2 | 381343 | 0.165 |
11 | 1007036 | 0.160 |
4 | 1145000 | 0.155 |
6 | 458366 | 0.150 |
3 | 43156 | 0.145 |
Price($) | Vol. | No. |
---|---|---|
0.170 | 48593 | 3 |
0.175 | 193985 | 3 |
0.180 | 1380873 | 11 |
0.185 | 1280265 | 12 |
0.190 | 1102005 | 8 |
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