My slant is that a large proportion of yesterday's sell down at one minute to four and followed by the after market jostle was end of quarter account and portfolio rejigging by one or more funds. This is not an uncommon occurance. By virtue of that, predicting future price movement based on yesterday's action is pretty dangerous.
Hi Shamish,
I agree, the time frames continue to confuse many investors. My view of the MOU with PGN with LNG distribution starting in mid 2012 may well relate to supply from Trains 3 and 4 or even Trains 5 and 6, with the first trains being already allocated in previous MOU's. Remember there are now four main MOU's in place. They, in themselves are very valuable.
Elliott has mentioned various time frames of first LNG distribution but until we see the arrival of the capex equipment from overseas we are still hoping and guessing. I believe the Board are keener than us to see the infrastructure at Sengkang get started.
Any whiff of positive news such as equipment being shipped, significant site works movement at Sengkang, positive drilling results at any number of current sites, good news on any number of pending issues will see this share price move back through the seventies very quickly. For us to have had another crack at the 30's and 40's and move on from here is laying an even stronger base upon which to build a level above the recent highs. Higher lows, higher highs. Good in theory but you need the fundamentals to back this up and I continue to believe EWC have the fundamentals in place.
Regards.
EWC Price at posting:
44.0¢ Sentiment: LT Buy Disclosure: Held
