Its expected to see this level of churn given the number of shares on issue, those taking short term profits, and lack of upward buying pressure with WA on a public holiday, and some fear driven sales.
The reality is this has been formally declared an oil discovery as required by the govt. and it is the only one in years since CH. It has to be of significant enough find to make such a declaration.
Further, to be able to side track drill a few hundred metres using the same rig on the same pad and using the same casing to side track drill a few hundred metres further to the sweet spot will take minimal time and money.
To then connect to the existing under utilised production facility just down the road is again minimal expense, and minimal time to go into production.
The price will rise once all these factors are realised, as well as institutional buying at minimum risk at this price level.
NWE Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
