Hi Neil, agreed the fundamentals will only get better from here on. the recent sell off is totally unrelated to what Pryme has been doing and bears no relevance to the big growth in earnings that begins in the next month when the first Raven well commences production...
The volumes on the sell off from 0.45 to .35 have been very small...which indicates this stock is held largely by long term investors as opposed to short term traders.
the top 50 shareholders actually hold close to 75 % of this stock.
As we've seen on previous posts here a number of the weaker traders have all bailed out because things aren't moving fast enough for them. but what this also means is when real news on earnings is announced there will not be much liquidity and the Sp can retrace just as quickly as the investors will not be interested in selling out for a few cents profit in the short term.
Succesful completion of 1st Raven well and commencement gas flow into the sale s pipeline next month is worth at least 20 cents a share... if not more as it will signal this is really the begining of alot more to come. Confidence and success will be reflected.
the premium on the options only confirms that the market believes the shares are going to be worth alot more than 55-60 cents by next year... so I will continue to accumulate when any spare cash comes my way.
cheers , see you
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