Hi Lilypily, apologies have a very busy weekend BUT due to review soon so promise to revert back with a short dissertation on where the selling is coming from later today or tomorrow. Initial thoughts: The fundamentals remain intact but we are back to around a $50m ev, based on that we're pricing in only a <1% chance of success in Uruguay now and ignoring most if not all value for Spain. So I think it is fair to say the risk is priced in/considered. On selling, agree with you barneyw, given low volume probably not major holders (will confirm this point later in the weekend with more detail though, as they say: assumption is the mother of all f*#$ ups). That said, I assume as with many junior stocks in times where there has been a news vacuum interest dries up (seismic acquisition and interpretation takes some time to conclude but we are at pointy end and outcomes can be meaningful so we are close to the end of this period), which is magnified with PRL given the v low liquidity. Unicorn1, I agree re timelines, if Spain farm out or core-hole 3 had been completed that would have provided some news flow and interest during the slow news period and SP would be much higher without selling occurring. I don't know when Spain will be concluded but I note Europe commerce is shut down throughout August (full month) as people go on their summer holidays (similar to Australia in January) so fair to say no progress throughout this period (not sure where legless123 got his info?) but hope to hear more on this soon as data room and negations would have just reopened 1 September.
Cheers,
Eights.
PRL Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
