Your point is well made. MPO today is better placed than it has ever been, yet it is not at its highs (IMO..DYOR)
Why is this? Could it be overlooked compared to it's peers? or could it be the whole CBM market?
I tend to think that today was the day for those who were looking for an excuse to leave...to leave! MPO has had a good few days run up to the announcement, and there have been some who have been counting on the reserves announcement to exit the stock. We may even see this for some/most of the week. This is not a bad thing, we need new holders to come in at this level.
IMHO the important thing is that the numbers today were good, the announcement has finally come out, MPO is looking to grow the business and the team in place is a good one (as I have posted before I worked with a lot of them at BHP Petroleum and they are good).
I would hope this is the start of a steady price rerating. It may get bumpy at times, but the underlying business is strong, they are in a growth market, and they have a strong management/technical team.
I hold.
Regards, Tony.
MPO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
