JV's don't necessarily move price too much to start with. You generally see move before, pullback when announced and then will move away thereafter towards drilling date. It's a tough market these days, a someone said above buy rumour sell fact.
Looks like Australia - the Bonafarte(deliberate mistake) -is going to be spun-out in a new JV company here by the JV terms. I think a very savvy move going forward.
Thought 3d would be first, but maybe management are holding some trump cards there.
Holding plenty of cash with up to another $7.5m in the kitty now. Should be enough now to participate in another couple of on-shore drills with a JV, lowering company risk.
Chart action...just couldn't break the 45.5c this time around, so test support lower, hopefully hold around 37c level. Could just be a treeshake but if this is the case around 37c should hold.
Initial reaction by some PI's here is disappointment but look at the bigger picture and farm-out terms combined both exceeded Peel and RFC reports valuation reports by up to 50% on how much they would keep.
TPT Price at posting:
38.5¢ Sentiment: Buy Disclosure: Held
