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35.5¢ warrego energy limited

Spot on, it was Regal

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202 Posts.

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11/08/22

17:13

Post #: 63062577
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Originally posted by Brobel: ↑

Seems like WGO has been woken from slumber. Today was the highest volume for ~10 months... Oct 11-13th 2021 to be precise... when the Independent Reserves Certification was released.

And today's large special cross trade caught my interest - that's ~1% of SOI... and from my memory the last time we saw a large block trade in WGO was in Oct last year, when Regal subsequently announced they had moved to 6.66% holding.

So now I am thinking corporate action is in play... could it be Regal topping up again... or perhaps STX, ready to have another final crack at consolidating WE... or odds on it could be BPT or Mitsui looking to make an opportunistic M&A.

I think we all agree WGO is undervalued, especially given the recent significant WE reserves upgrade and the Spain assets which are becoming more attractive by the day. My fear, like others, is that WGO will be taken out far below what I see as fair value, and that's north of 50c, IMO.

I dare say we will see some more interesting trading in the coming days/weeks. Hope everyone has taken their positions.

GLTA

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Spot on, it was Regal

WGO Price at posting: 16.0¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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