There is no evident reason going forward to support any upward movement in this companies share price.
They are in a lock and hold with little activity other than producing the bare minimum amount of barrels to meet their hedging requirements. They are effectively inactive and are trying to hold their leases whilst preserving their limited capital.
They are in hope of a significant oil price recovery (looks most unlikely in the mid term) and are searching for a partner to either inject some capital or pay for more drilling in exchange for some ownership of the assets/production which is a hard gig in this tough economic environment.
How could you justify any significant price movement with that scenario.
Try number one in the first at Flemington!
ATS Price at posting:
2.8¢ Sentiment: None Disclosure: Not Held
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