IMO you are correct with 2 and 3 - but who knows about the 1st.?
Add this to the possibilities, if you dare:-
'Material Event" = Proposed Capital Raising?
As I understand it, they have about $5m. available - not a lot really, if there is a need for further drilling, well development & seismic work in the Southern Georgina Basin.
I have been a bit uneasy about this for some time (since the Indonesia Ann).
They will obviously need more funds for the additional 500m. of Hoztl drilling + whatever they intend to throw at Indonesia.
BKP has been sold down consistently since early August - a minor flurry in volume on 31 Oct with the M-2 spud Ann. then, further sell down till yesterday.
The VWAP has been falling steadily over t he last week or so, from above 1.6 down to 1.368, yesterday. These are not ideal conditions for an immediate CR, however, I suggest, with a positive Ann re the current DST & future Drilling Programme, volume & SP should improve to enable a CR in the short term, at a better price.
Future plans are currently an unknown - not a good scenario for a healthy SP. or a CR. We need to have some definite, detailed plams announced now.
It is interesting to note, also, that there is literally no interest in PFC on the Canadian market, something which I find strange - perhaps they are not as risk averse as we are here.
Maybe PFC will release their Ann tonight and we can all get on with it on Monday - lets see, eh?
BKP Price at posting:
1.4¢ Sentiment: ST Buy Disclosure: Held
