Pretty simple really. Someone has decided to sell as indicated by volume so far of approx 590K as against the daily average for the last month of 250K. This has clearly impacted the SP. It's what I call a buying opportunity.
Remember this from 8 Oct ann.-:
Brunei Block L Lempuyang-1 drilling report Highlights: Gas charged sands interpreted in three target horizons Lempuyang-1 reached final Total Depth at 3220m MDRT (2817 mTVD) AED is planning testing of Lempuyang-1 AED is pleased to advise that the exploration well Lempuyang-1 has reached final Total Depth (TD) at 3220m Measured Depth from Rotary Table (MDRT) (2817m True Vertical Depth (TVD)). The preliminary interpretation of the logs of the well suggests gas charged reservoirs at each of the target horizons: Blue, Pink and Green. AED is optimistic with respect to the commerciality of the Lempuyang prospect and plans to proceed with a testing programme for the Lempuyang-1 well. If the testing of the Lempuyang-1 well proves successful, AED will likely drill an appraisal well to further assess the Lempuyang prospect, with a view to moving to a full plan of development.
I don't read anything in that report that screams out sell but hey, I could be wrong! IMO we have had irrational pessimism hit this stock in the last 3 months.
ANZ
AED Price at posting:
42.5¢ Sentiment: ST Buy Disclosure: Held
