Fidelity 7% is a good sign. There is a lot of panic in oil market right now but that is normally the time to buy - as can be seen by the II's loading up. I honestly can't believe the price right now. Totally disconnected from fundamentals and a great buy in price.
A decision will need to be made but PMO will be looking at the forward curve and where in the cycle we will be in 2019. Expectation is that oil will be $55-$60 by this time next year and a big move up in 2017. The point is that RKH is a long term play but accumulating at these prices is a fair bet when the investment is backed by cash in the bank and already producing assets. If the shares were leant out, they would be down as a sell, not a buy? Could be shorts closing out at the 31p low? It is so corrupt that shares can be bought and sold in such volume after the bell. I would like to see more short positions closing over the coming days as we head towards drill results. Surely a good bet for a rally here after the rise to over 80p after the last drill? We are about 70% down from there currently so lots of room for a strong bounce when the shorts close their positions.
poo is important as FID on sl will in part depend on poo as cap ex repayments will need to be hedge protected. also pmo have made it clear farmin very likely required and any new partner will need to see a clear return (which again can be obtained by hedging).. so i think poo is important to NAV (movement of bls from C to P) as it impacts SL FID timing.
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