Some interesting price action in the final two hours of trade...

Some interesting price action in the final two hours of trade yesterday. LPL went from 21 offered to 25 trading in a matter of 90 minutes.

Buyers were not large lots (and appeared scattered), which smelled a bit like a leak to me (got me speculating, incorrectly may I add, that we may have had some news from Ventura coming out). That said, the bids seem to be better today in the pre-market and the "value" proposition of the low 20's seems to be a few cents higher now. Whilst Ventura drill#1 didn't hit its target, the current sidetrack well must be close (10 days, they said, from the 29th of May - that puts our expectation as 7th or 8th June as a delivery date on those results).

As shareholders would be aware, information and proxy forms have been circulated relating to the General Meeting to be held on 29th June. Amongst the items to be put to a vote is the issuance of share capital to Solimar (in exchange for the Solimar business), and the issue of options that appear, from my thumbnail-dipped-in-tar calcs, to be on the "generous" side of things to Somilar (note also the new Directors' interests in the share and option issuance). One wonders how shareholders would react if Ventura failed to bear fruit: indeed, why would Livingstone go to the trouble of calling a GM and renaming itself Somilar Energy if the assets they purchased from "old Solimar" were duds? Its a rhetorical question that appears to have only one sensible answer.

Personal view is that Ventura will seal the deal with Solimar by bringing home the bacon quite soon. In my opinion one won't care too much if you paid $0.21 or $0.25 for your shares once this announcement reaches our screens.

(All personal opinion - DYOR etc.)