Nice announcement about the oil. Although it is great to read about the quality of it (better than finding out it is rubbish), until we know the quantity of it there is little to excite the market.
That said, it is great to see LKO management trying to keep positive news in the market to ensure the greatest take-up of the SPP possible. The recent announcements about the upgraded potential of LKO targets has a similar ring - nice to know but the real benefit is to ensure the SP rises slightly and increase the likelihood of a successful SPP take-up. This is exactly what they should be doing and credit to them for it as cash is so important in this type of market environment.
Once we start to get any positive news from Wombat 2 or 3, or the start of drilling at Wombat 4, we might get some SP lift. This might be a little while off or I'm sure that it would have been released to the market to ensure a higher participation in the SPP. Still, the outlook has many potential triggers to lift the SP so was happy to hold and take up my allocation.
An interesting 3 months ahead...
LKO Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
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