After the surprise ann of earlier drilling to occur in mid october (only 2 weeks away) the share price has plenty of room for improvement.
Expect anticipation to drive this price up on the hope of finding some oil using the modified current seismic mapping from santos. I believe we are also waiting for an announcement discussing the seismic mapping of region that was collected from Santos
More positive than negative sentiment at this moment so expect a move up so try and get in as close to 2 cents as you can (has been trading here for a while base formed at 1.9c)
For the last 2 months cig has earnt significant cash from leasing out its fully paid and fully owned rig to the santos and manas JV. So the october due quarterly will have a significant revenue account for the last three months making the stock in the short term look cheap.
Not many penny stocks out there earn a good revenue if one at all albeit even if its only for 3 months!!!
Lets not forget that free carried 20% with australian major Santos for drilling early next year deep targets so lots of upside there!
Good luck all look forward to todays mini run. What price do we all value the stock at? and where do we think this could go before spudding (just to keep this thread interesting) Im putting down 4cents before we spud!!!
CIG Price at posting:
24.0¢ Sentiment: LT Buy Disclosure: Held
