My thoughts are we can't assume any insider issues here. As was mentioned, i think by Abuman late last week, there was an expectation that today when some fund manager's returned from their Christmas break, there would be significant interest in building positions in advance of production. I think that has been behind it. I also think no-one wants to be left behind when it moves, because if it is one of the better performing stocks for 2006, which many expect, fund managers want to have appropriate weighting.
I guess therefore, I am saying that even without oil in Uganda or Zoule, there could be reasonable support over coming weeks.
Having said that, I have to admit that the absence of reasonable support today for ROC as well (ie. new production), it is tempting to attribute today's strength to Mputa. Either way, we will have a better idea tomorrow. I have my fingers crossed because success in Uganda would make for a big day!
regards
DF
HDR
hardman resources limited
