You will probably think I am a ramper but......
This stock has to represent some of the best value on the market at present.
Unless Karoon has grossly misrepresented the situation, the reservoir is now flowing gas in a quantity significant enough to justify further testing.
If reservoir contact had been achieved and there wasn't something encouraging happening, yesterday's announcement would have had to be Plugged and abandoned.
We already have had an announcement basically saying that based on the cores already cut the reservoir should flow gas.
Given that we are on the outer fringe of the structure, because it dips into the gas water contact, flowing gas here would be fantastic news and is extremely positive.
So why is the price falling? (a) it's just a response to the overall market siuation and investors have not interpreted the announcement in this way or (b) The news is not as good as it seems and has been leaked and some big investor somewhere is quietly shedding shares. I personally cant see any reson why it shouldn't be above $9.00 now in anticipation of even more positive results next week.
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$1.76 |
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Open | High | Low | Value | Volume |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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1 | 11218 | 1.760 |
2 | 44782 | 1.755 |
7 | 62109 | 1.750 |
1 | 3000 | 1.745 |
4 | 13051 | 1.740 |
Price($) | Vol. | No. |
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1.770 | 5782 | 1 |
1.775 | 5782 | 1 |
1.780 | 11214 | 2 |
1.785 | 7827 | 2 |
1.790 | 17294 | 2 |
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