SP Weakening?, page-12

Windsor,
You are highly unlikely to see 69 again until there is more drilling success. Forget it, it was a speculative aberration, fundamentally we were no where ready for it, and then we lost (at least economically ) the dead cert PS resource, and of course it was found that Dorado didn’t extent to China. In times of uncertainty share prices generally go wildly off fundamentals. I prefer to avoid buying or selling at such times. Trading in the dark is gambling. Those that bought in the 60’s were without doubt gamblers.

So given it wont be to 69 what near term news could push the sp up significantly and quickly?
1. A good farmout for Labyrinth. Say two wells for 40% free carry to a well reputed major.
2. The 2019 drilling campaign.
3. Simultaneous Buffalo PSC signing and farm out on good terms.

This is a game for the patient. There will be times the sp is overvalued, and times it is overvalued. By value I am talking the fundamentals of what is, not the speculative of what might be (of which I am very hopeful). I think you can at least see 34 again.

EL