Fear and greed drive emotions in the share market and these particularly play on shorter term traders other than those very accomplished.
The facts are we have a very responsible and credible management. If anyone thinks they have a concern here then don't bleat, pick up the phone and talk to them. They are very approachable.
We have 3 projects as work in progress so to name one at the exclusion of the others to account for a price drop is erroneous. Solimars stable performance in Aus yesterday and Canada last night suggests Paloma is maintaining its status quo at this time.
So if it were a project, its NSA or Vietnam. I don't know anything new on NSA right now but its unlikely to be Vietnam as they are still at documentation stage.
What I did see yesterday was the most lethargic start to the trading day that I have ever seen in Neon. After some 10-15 minutes something like 317 shares had traded for roughly 30 odd transactions. Had it not been for the bot trading Neon would not have got going to later in the day. This is typical of buyers and sellers being in a holding pattern(typical of when news is overdue). It happens regularly in this sector and other stocks. Such patterns are recognised for an opportunity to push the sp down if thats the desire of particular participants.
To do this most effectively you leave it to late in the trading day. So in knocking the price back you leave the fearful participants to sweat overnight and hopefully cause selling pressure when the market opens.
As for Paloma, given the time frame to attempt flows at FV/LS and then to switch to the upper 6 zones for testing I would think the testing programme still has some time to run. Duration very much depends on conditions met but we do know there is a lot of variability in the different zones.
Of the 6 zones remaining, 3 could be potential producers from log reports, one is a small gas zone and the other two, while large in extent are thought to be marginal.
If testing validates the logs then we might get a 50-65% success rate in the 6 zones. Of course in actual fact we might get anything from 0-100%.
Of greatest importance will be the two Antelope shale zones.
So in summary, my personal opinion is that we saw manipulation yesterday and that as yet there is nothing to indicate a problem with any of Neons projects.
News flow would be welcome as lack of it allows the sp to drift.
NEN Price at posting:
42.0¢ Sentiment: LT Buy Disclosure: Held
