I think we have to be a bit more patient. I believe some announcements should come soon. They obviously showed things to institutions that we haven?t seen yet.
Remember that institutions put money at 45c, we are now almost 20% below this price so this represents a very attractive entry price. The company has now cash in the bank, is debt free and is likely to start the drilling program shortly, nothing has changed. When you see the recent announcements from Dart, you realize Europe is a key market because of much higher margins.
Also if you have noticed the past few days most of the buying happened at the opening, it seems the buy orders are coming from Europe and the sellers are Australian. Waiting for the news is frustrating but selling on the cheap would be even worse. The company has spent most of its time promoting the story in Europe, they need to do the same in Australia and have better support there.
EPG Price at posting:
37.0¢ Sentiment: ST Buy Disclosure: Held
