REY meets heavy selling presssue and share price keeps hitting...

REY meets heavy selling presssue and share price keeps hitting record low in the last three trading days, with a total of 737,100 shares changed hand between 5.5c to 4.6c.

There are still 400,000 shares put on sale under 6c.

Looks like all selling order comes from one big holder.

Don't know the reason, maybe selling in loss for a Christmas holiday?

Coal seam gas is hot these days, with Pure Energy and Sydney Gas being offerred takeover bid. Coal from REY's canning basin looks good for CSG as well, with volatile matter weights around 35%.

The only problem of REY is that the exploration area is so large (8000 sq Km), and REY is too small to handle it.

Hopefully the board's closely relationship with LDW (coal mining service) and GNM (Indian coking coal company) may lead REY to success.

But in short term, REY will keep suffering if oil is steady lower than US$40 and thermal coal under US$80.

Hopefully some chinese coal company is willing to put some money in REY.

Merry Christmas!