Atm with the overall market choking on a few cycles which are bottoming and a well overdue correction that is currently playing out alot of traders and investors are obviously looking for a safe place to put some cash. AUJ imo is the best place to put your hard earned right now. It has suffered a decent pullback over the last few weeks as many specs have although i think this week along with the next few AUJ will buck the overall market trend and break resistance at 47c and hit blue skies. Why do i think this?
- Firstly AUJ are less than a week away from drilling at silverwood with an estimated 7.4mmbbls plus 13bcf potential!
- The prospect lies beneath a producing well, North Edna Field, which was first discovered in 1954. This has produced approx 7 MILLION barrels of oil!
- They are also situated between two other successfull oil finds which had more gas then expected!
- Their operating partner is Pass Petroleum who was also the same operator for VIL/GGP's Fausse Point drill (Let's hope AUJ experiences a VIL type SP run).
- The director Matthew Walker's recent 125k on the market purchase instills some confidence. He think's 25c is about as rock bottom as AUJ can get.
- 40ml heads & 40ml options (ex 25c), so fully diluted MC of 20ml at 25c, with 10ml cash from the option conversion.
- They have 8 million in the bank!
The chart also hints at a new trend developing:
Also a very nice long term cup and handle pattern on the weekly forming. Would love to see a break of the 45/47c mark coupled with massive gas/oil hits!
Add to My Watchlist
What is My Watchlist?