To me CIG was a share to leave in your bottom drawer but I felt as they owned a rig they had a good chance of ongoing revenue through leasing and had fingers in other pies. I believe there is oil reserve to be found but did not realise that 3 years later they would still be looking for it.
I would have like the flow announcement by now to gauge how much income they will get over the next year to go alone if needs be - I always worry when there is a delay. Being positive maybe they are looking for a double whammy next Friday...or the following Monday. :)
If no positive JV announcment they should have enough to drill 1-3 wells so it is making sure they really study the 2D data and drill in the most promising site. Maybe even pay for 3D data on the 2-3 most promising sites before investing up to the one million dollars it costs to drill a well.
99%+ of shareholders are waiting and there will be a few that will sell on the news and then I would think there would be support at a higher price.
CIG Price at posting:
11.0¢ Sentiment: LT Buy Disclosure: Held
