I suggest you go back and read the announcement, the company is busy doing what is required to finalise the back door listing of this project, this involves the submission of various bits and pieces of regulatory information required in a prospectus. Which then needs to be submitted to ASX and ASIC. Add to the fact that it is a back door listing of an oil/gas field that whilst in production with exploration upside, oil is simply not a sexy industry at present time. If it was a sexy industry, the pop in the share price would have been much greater.
Being the company has been working on this for a number of years, as we get closer to "D Day" being prospectus being finalised with ASX/ASIC and being released to the market with the company has stated will be in June, I would expect share price appreciation.
What you will see leading up until that time would be accumulation of the shares from the weak to the strong (patient). To keep the price of the radar to traders to enable further accumulation, it would not be unusual for the price to be capped with large orders on the sell side a few pips away from the current level.
As a side note: previous announcements have mentioned that other opportunities exist, so it remains a possibility that an announcement could come out of left field completely unrelated to the current project. As a long term shareholder, I would have thought the company would have been crazy to seriously enter any other projects until this one is over the line. Now that this is as good as done, I am interested to see what (if any) the company is able undertake to continue the transformation of the company and obviously the accompanied share price appreciation that one would expect.
D: Own Plenty.
Cheers
Clever1
EOR Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
