My best guess is the same reason I am not topping up right now.
There is no urgent need.
2 years ago (give or take) I bought my first Buru shares at $1.48 during exciting times. I HAD to get some shares for fear of missing out on the gravy train. What on earth lied below the drill bit in the Canning? Would it spout glorious black rain down upon us?
Buying shares now does not hold the same sense of urgency. We know enough now to know it will be months/years to comprehend the value in Buru and the greater Canning.
A production license as holders have guessed above is still 6+ months away.
Next year should see the end of the shorters. 2014 will bring a Production license + resumed drilling in the Canning by Buru & NSE backed by oil/gas giants Mitsubishi, Apache, CP, Petro China etc.
I'll bet by mid 2014 we'll see that same urgency back in Buru. For now I genuinely perceive this shorting as a luxury to wait and pick my moment to top up at a decent price (if I so desire).
I don't know what the shorters know, I don't know what Apache/Mitsubishi/CP/PC know either. But if I had to pick a winning horse I'd be backing the oil/gas majors.
Shorters think in days/weeks/months. Oil/gas majors think in years.
BRU Price at posting:
$1.51 Sentiment: LT Buy Disclosure: Held
