Latest Top 20 is out for 24th May... and although it has been relatively (and understandably) quiet in the week leading up to the Fed election, the Top 20 accumulation continues.... notable movements are:
MIN @ no.1 has stopped it's on-market buying... now sitting at a total 18.1% SOI
HSBC @ no.2 has added another ~4.2m shares
HSBC #2 acct @ no.5 has added another ~5.3m shares
National Nominees @ no. 11 added another 3.2m shares
The current period may test some (ST) holders, as the SP may bob around a few pips here and there, on very small volumes (only 1.3% traded in the last week). For me as a LT holder it makes no difference, happy to sit tight. The thematic hasn't changed and the fed election result hasn't meant gas projects are consigned to the scrap heap.
In terms of upcoming catalysts, obvious one is the Ringneck 2D seismic results, company indicated they are due in June... so could be an announcement next week... we shall see. Remember the purpose of the Ringneck survey is to upgrade leads in the vicinity of prominent gravity anomalies to drillable prospect status. The seismic certainly could surprise on the upside and get the market excited about the upcoming drilling campaign.
And the other obvious catalyst is the JV announcing they have secured a drill rig (my guess is Ensign 970 again, sharing with STX) and have the 3 drill slots locked in. Fingers crossed we can spud the 1st appraisal well in Oct and have the second spudded pre Xmas. That would be epic. 2P reserves numbers would follow shortly thereafter - how big is the LD gas field... 2+TCF? Then we have Rococo 3D post Xmas... and, in my experience... never rule out other "events" surprising the market. I don't think we are in for an idle next 6 months.
GLTA
NWE Price at posting:
3.3¢ Sentiment: Buy Disclosure: Held
