You can forget about RMP. In their quarterly report just released they said they intend to make an application to the ASX for a proposed under listing rule 11.1.
Listing rule 11.1 is for when an entity proposes to make a significant change, either directly or indirectly, to the nature or scale of its activities. So looks like they are getting out of O&G.
One thinking i have been mulling over with all of the volume going through XST, and with RMP out if the picture, is whether XST is intending to increase its working interest in Borba, to say 49%. XST would have seen the independent resource assessment and if it has come back a cracker it is a non brainer to increase their working interest. Also XST and SGC have common Directors. The Chairman of SGC is on the XST Board and is XST largest shareholder so an increase in working interest to XST makes sense.
It would also partially explain the huge volume in XST today, nearly 500m shares (a quarter of the shares on issue) valued at over $5m, especially compared to the SGC volume.
SGC Price at posting:
7.7¢ Sentiment: Buy Disclosure: Not Held
