@aero39 One thing I can certainly agree with you is that "Supply and demand control this".
Clearly, those that are selling, have their reasons whilst buyers continue to be scarce.
BUT the fundamentals ARE in place and are gradually being de-risked.
If I may correct you, I think you meant to say that Technical Analysis is the Astrology of Men rather than Fundamentals. Otherwise, I really appreciate your thoughts. I don’t necessarily agree with them all but you still have some very valid points especially in regards to political behaviours at the moment. The endless flip flopping over net zero etc is hopelessly misguided and smacks more of protecting political position than actually doing the right thing.
If I may also suggest that whilst supply and demand may control the stock, sentiment is the real driver behind those forces. Right now, sentiment in the small cap market, the O&G sector, geo-political risks and in global economic growth appear to be one and the same, negative.
Overlaying that is a negative sentiment towards HHR. We can hypothesize over why that is the case (from your comments it seems you think it may be primarily down to mis-management by current management and historical failures by previous management, leaving a long trail of disaffected shareholders). My view is somewhat different. I think that the company paid too much for the 78% of the project it didn’t already own in 2021, and that was to the benefit of a few shareholders who invested at project level. I have no way of telling whether they are selling but I’d be surprised if they weren’t, given that they are still well in profit.
To finish off on a slightly more upbeat manner, history tells us that sentiment DOES change. The forces that are driving the share price at the moment, wont be there for ever and the fundamental value of this project WILL improve if and when certain milestones are hit and de-risking continues. As @Access2020 commented on earlier, investing in this end of the market (and in this sector) is dominated by volatility, uncertainty and sentiment. It certainly isn’t for everyone. However, I have found, over my years of investing, that if you do your own research, and keep a close eye on progress, then you at least have some control over your emotions, and are able to make sensible, rational decisions. From my own perspective, these current levels provide excellent risk/reward opportunities. I don’t know whether further negative sentiment will push prices lower in the short term, but I do think that downside potential is limited, whereas the upside potential is multiples of where we sit. Anyway, good luck with everything going forward.
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