Greater risk tolerant players accumulating, forcing DT & ST out, after they got caught by CR, which brought SP down rather than the risk free 65c + pre-spud expected? Now those in that would not have held until TD, are being squeezed/stopped out. The overall market is also not helping, but those that are willing to punt are scooping up methodically below 50c. Unfortunately for me I bought decent parcel around 57c & have added more to bring in down to 53c (still above CR) but I'm in till we see the outcome of A#1, if there is gas (be it 4tcf or 12 tcf) MEO will go higher (we all know that) if not well, back to the drawing board & I become a LT holder.
This is a high RISK, high REWARD play & those that don't fit this are now exiting.....at lower prices than they would have imagined a fortnight ago GOOD LUCK to all those willing to remain in for another week
MEO Price at posting:
48.5¢ Sentiment: None Disclosure: Held