ORC- Can’t figure whether being pushed higher (pumped?) or...

ORC- Can’t figure whether being pushed higher (pumped?) or pulled by demand

Orchid Capital wants to change its spots into an oil explorer after many years and chewing through $30m. It has secured a deal in PNG for 5PPLs.

While the deal was announced last March they still haven’t completed prospectus.
The recent directors share holding showing the CEO sold down a good chunk 2 years ago (whoops forgot to tell ASX?) doesn’t help.

What appears to be of interest is the personnel to come on board- The proposed deal will see Yosse Goldberg and Dominic Martino on board and chairman to be Chris Haiveta (very well credentialed PNG) as chairman

If we take the existing 207m shares and add the 220m of shares (to be paid in consideration to 3 parties above) for the PPLs you get $32m cap. For 5PPLs of 11,500km2.

I see NGE has, as a crude comparison, 6PPLs 44,800km2 M Cap $46m

The last 4 trading days have seen big change in volume and wide spread – I can’t figure if this is being pumped so that the share exchange goes though at a higher value and with possible CR later or whether this is genuine ground floor opportunity. But there seems to be a hellava lot of value already cooked into the price. And given the deal not yet sealed.

Curiously the Jan. shareholder letter talked of searching out further opportunities overseas! Even though deal not yet done!.....

Opinions from traders and oilers appreciated