updated hold/buy versus sell arguments

updated this - I am actually asking more questions on sell arguments as to how real and valid the arguments are.
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Hold/Buy
- Announcement better results than expected - particularly 100% ownership of 267
- Commercials of deal (capital contribution of $120m) for part interest in % of acreage imply NGE undervalued at current mkt cap ($115m)
- JV sucessfully completed and decreased risk of it falling through
- Benefit of increasing positive sentiment towards sector driving up share price
- JV with established player in PNG market with existing infrastructure etc in Talisman Energy
- Geopolitical risk low given close relations Australia has with PNG, positive disposition PNG has towards mining investments and given jv already established in PNG
- a number of significant oil and gas discoveries have been made in proximity to NGE's PPL license permits in PNG
- seepage of 5bbls a day further implies huge potential but yet unproven reserves with multibagger potential once confirmed
- Talisman's established position in PNG means well placed to expedite drilling programme quickly once approval from PNG government
- No reason to not see jv agreement approved by PNG government
- Insto buying as jv announced and once reaches required market cap


Sell now
- Share price overvalued at current juncture based on short term traders
- Drilling won't start for some time (but is this real as Talisman already has established drilling rigs etc in PNG and surely would be ready to expedite drilling programme once approval from PNG govt)
- JV already built into share price (but is the commercials of the Jv and implied market value of NGE really built into NGE)
- Unlikely to be any takeover premium able to be built in given JV partner involved