Staying with Mum ftm after Dad's passing so bear with me if it takes a bit to answer posts. Others giving excellent commentary on this too and I believe they r hitting the mark.
Pay the piper ?
Well I think once again Dave has flagged the situation for us with his volatility comment.
This last few days performance was the perfect storm, 88es hurricane Katrina if u like.
The oil price had taken a hammering with the US shale dynamic being primary in oil traders minds.
Number of shares on issue leads to many weak hands.
Expectation of potential negatives in annmnts heightens market looking for even the slightest negative factor in weekly updates.
Possibly unrealised market potential reaction to the last point and structure of the annmnt, really no fault of the BoD as the market was primed for such a reaction.
Possibly too quick sp move too soon: one can see the chart seems to be back into a trending channel marker cap channel ftm.
General market jitters, we seem to be in a general market phase where there is yet more overall global economic unrest with doubts over how the US and U.K. r going to perform given the new isolationist policies that these staunch allies have had since WW2.
Basic economic instability which the excess global cash sloshing around loves to play from sector to sector.
Shall I go on ?
Like I say Vince, the perfect storm.
It brings home to me that one needs to have clear strategies with such an investment.
It's a unique company in that the LTHers are fully cognisant of the fact that we need the trading fraternity involved to move volume on occasion but that trading will have consequences as per the last few days.
So does one have a trading strategy ?
Only if u r damned good at it imo! !!!
One generally invests in companies becos there is some aspect of the story the investor type likes. It may be as simple as the commodity involved is strong which can be a primary factor for traders lining for uptrends in company sps, etc etc.
Then u have the 88e faithful.
Ironically a bit like PB, a bit of a bunch of lunatic renegades with testicular fortitude required that even Maggie Thatcher would be impressed with with how conservative their views are on where the company is headed, not liking change.
Conservative also from the aspect of there being so much damned confidence in the story that they find little reason to jump ship even after an sp smashing the likes of what I have rarely seen from such small annmnt innuendo, unintentional tho it was.
Hopefully we are getting back on track Vince and that conservative element is taking the lead once again and bringing some reality stability back.
The recovery, if that's what it is, has been pretty impressive ftm and naturally brings into question the validity of what has happened in the last few days.
But the points made above imo probably justify such an sp performance but brings home some lessons learned by all parties.
Just how hard it is to market control such a potential juggernaut given the risk reward apparent.
If anything it highly entertaining and impressive to watch and I still am amazed at how Dave is simply so calm in all this.
U can see how PB is on edge at those UK a presos and even Steve Staleynhas an air of boy like anticipation with the conventional.
But Dave just keeps cruising along and imbibes one with a feeling of calm, no doubt built over his years of market sector experience and his Woodside days.
It's almost as if these two guys were waiting for each other to create the close to perfect partnership for this play opportunity apparently potentially missed by CP.
But it's not over yet by a long shot.
There is much yet to do and no doubt much more volatility to come as long as we get continuing forward play development.
I think we might find the annmnts a bit more circumspect in how they present detail from here on in. We will probably see more factual info rather than any pre-emptive statements and the deletion of any factual stuff that has little bearing on the overall scheme of where things are heading.
As Ya said the comment of trace hydrocarbons was taken by the traders as a negative rather than how it should have perhaps been taken which should have been as simply a factual relaying of what the crew observed at the time. Perhaps something that didn't need to be commented on.
Anyway the story continues and we have bounced nicely ftm. We now have to hope that positive momentum can be re established and subsequent annmnts support such positive market expectation.
If nothing else it's been a hell of a ride to date but there's potentially much more to come.
Time to strap ourselves in I think and hold on for dear life !!!
(20min delay)