LIO director announced purchase last week of 45M shares at 0.6 cents. Now again today, out he comes with another 10M at 0.7 cents, taking his total to 155M.
I don't know what others think about this. For my mind, someone who is obvious at the heart of the company comes along and buys another 55M shares on top of his original holding in a short space of time, well he must be confident about something.
Standing back a little and looking at the company's ops, the oil price at US$35 a barrel is extremely beneficial to them. Hopefully the Oseil project is over the 'technical hitches' they talk about and is producing to its full Phase 1 capacity of 8000 barrels a day (at which point no more capex moneys would be payable by LIO). Bula, which at lower prices is a marginal field, should continue to put money in the kitty at these prices. And the 2 Cooper wells in March and April they have 12.5% of with VPE does provide the potential for a share price spike prior to drilling.
Sure BG, there is a lot of scrip on issue, and I will simply die if they issue any more, but surely the company's projects are providing enough cashflow for it to now control its equity base. Regardless of the number of shares on issue, a success at Cooper should in reality lead to a increase the company's market cap, surely.
