It just means that 'sellers' are hitting the bid (or being pipped inside the bid ask) as the bid rises . So the buyer is happy because he price he paid was the price he put on the bid. What is interesting is that the bid is slowly rising which is a good sign .. It will be good to go through 13 -14 next week
On the morning after, it seems the market's reaction to Char not renewing its licence is nil. The market appears willing only to value Char at cash and ascribe no value to any potential farm out or, heaven forbid, oil or gas find. This makes it an excellent investment for newbies because, given Char's 'nil cost' exploration strategy and capex discipline, there is little potential downside, but low-cost exposure to the massive potential of oil and gas discovery.
This is not a new sentiment to regulars here, but worth restating for potential investors scanning the board. Many here (including me) are nursing large paper losses but continue to hold because of their belief that Char will come good in the medium to long term. Many long-termers continue to add because the low price is such a gift horse.
We are expecting news shortly, possibly about Cairn drilling our shared Mauritania block, Woodside increasing their share and drilling our Morocco block or a mystery joint new venture. If any of these are announced, the SP is likely to rise significantly.
As always, do your own research and good luck all.
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