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Stock Pick of the Week by The Inside Trader
The Inside Trader has been one of the best stock pickers around since 1999. Each week, you can find out what the latest HOT TIP is.
This weeks Stock Pick is Innamincka Petroleum (INP)
We've never done this before but we have rechosen last weeks pick as their could be still more in it. A Director has just purchased almost $200,000 worth of shares at 92c bringing his total for the month to over $600,000. Buying pressure is still around but the price has just fallen to 85c as this was written. keep an eye on it. Might be a good buying opportunity.
With the opening-up of the Cooper Eromanga Basin to new explorers in the early 2000's, Innamincka Petroleum Limited was established to focus on both oil and gas exploration and development opportunities in Australia's most prolific onshore oil and gas province. The company intends to pursue an aggressive strategy of acreage assessment and drilling in order to maximise the prospect of success and to become a significant petroleum producer. They have met with a high level of success in the seven months since November 2003 when Innamincka Petroleum Limited was listed. Because of this success additional funds are required both to progress the commercialisation of the discoveries they have made, and to seek to increase their current resources by further exploration drilling. The success they encountered at Yarrow and Flax demands further delineation and exploration. Pressure data obtained at Flax suggests the oil and gas accumulations are larger than those estimated for the currently defined Flax structure. Evaluation of this upside potential is one of the key objectives of this upcoming program.
IMPORTANT POINTS:
Continued large buying by Director recently Recent increase in volumes with price rising steadily Has to be regarded as a speculative investment.
INP Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
