Markets are certainly entertaining in their apparent whims and today has been a good example.
The news on our farm in partner whilst useful in disclosing their identity was'nt a price altering event as Neon had already told us the company was a major with the kind of capability needed in our two blocks.
If anything, being a lesser known major (in this part of the world) as opposed to a Shell or BP, may have counted against us today. The market will get its head around ENI soon enough.
What interested me most today was the fact the new 3D seismic has been underway for 10 days. Thats good, in part because it was unexpected but more so because ENI is confident enough to spend $M prior to full govt sign off. It also demonstrates the prior good work by Neon/Kris with Petrovietnam.
As for Neon in general, one fact of life is that the company is worth significantly more today than it was prior to last Thursdays important announcement.
NEN Price at posting:
32.0¢ Sentiment: LT Buy Disclosure: Held
