I don't think anyone is concerned where this is going, simply why it hasn't already gone. We don't have fears of it dropping (excluding these minor fluctuations) as it is a strong stock with a good balance sheet and strong fundamentals. We simply have to see more volume to escape the overhang. Does anyone know the amount of shares bought and sold since 25th September? This will give us the answer as to how many shares are left of the overhang. 642 million (£31 million placement) minus the difference between bought and sold shares will give us this answer.
Hinder SLE sp moving northwards however they go down within a blink of an eye. Trading digestion basically means we don't know why the companies stock price has pancaked. If the experts don't have a clue then no wonder there is confusion by us PI's to where this is going
Barryroe extension boosts Providence Wednesday, February 19, 2014
By Geoff Percival Shares in Providence Resources soared by nearly 12% yesterday on the back of the Dublin-based explorer being granted an extension to its highly rated Barryroe field in the Celtic Sea. The 180 sq km increase — granted by the Department of Communications, Energy, and Natural Resources — basically increases Barryroe’s size by 50% and provides Providence, its junior partner Lansdowne Oil and Gas and any prospective incoming developmental partners, the chance to investigate potential resources extensions.
John O’Sullivan, Providence’s technical director, said the licence increase “recognises the potential significant volumetric upside that exists at Barryroe. The structural closure, as mapped, now appears to extend further to the south and south-east. However, no wells have been drilled as yet to confirm any such extensions to the field area,” he said.
Providence controls 80% of Barryroe (Lansdowne owns 20%) and has said that it remains in talks with “a select number” of exploration and production companies regarding a farm-in to the Barryroe oil and gas field. Yesterday’s update can only help its chances of attracting a sizeable development partner, analysts feel.
Well spotted stephen, I notice Sean Mc Keon 's name being mentioned again he on Niche Fame(?)can anyone shed any light on Ardilaun? Strange things happening here ,wheels within wheels,very murky events taking place here(me thinks).LOL
The indifferent trading of San Leon Energy (LON:SLE) shares last week, despite news of an apparent breakthrough with the Siekierki gas field in Poland, poses something of a conundrum for investors.
Last Wednesday it announced a possible tie-up with oil services group Baker Hughes, which is expected to fund and carry out work to commence gas production. A letter of intent was signed and exclusive negations over a binding agreement are ongoing.
Experts reckoned the deal could be worth between 2p and 3p per share to San Leon – about half the group’s current market price - yet the AIM quoted stock has been unmoved.
So do investors simply not care for this project, or are other market forces at play?
Even the most casual glance at the statement and subsequent analyst write-ups suggest the former would be unlikely.
Zac Philips, of broker Westhouse, said it was a “milestone” for the company, while Dougie Youngson, of finnCap, described the deal as “very important”, saying it yields value where it was previously written off (by Aurelian before the San Leon bought the asset).
Chief executive Oisin Fanning, meanwhile, said the partnership could provide San Leon's first significant production in Poland and allow the company to learn more of the potential within the complex Siekierki field.
Those trading the shares reckon investors should look to last year’s £31mln placing for a clue to the current performance of the share price.
It is a classic stock overhang, which is currently being cleared – and until it is San Leon is likely to lack any forward momentum, he added.
“With San Leon I think what you’ve got is a lot of people who bought in at the 4.75p placing, who have since managed to average down at about the 4p level, and are now able to get out at scratch,” said Steve Asfour, market maker at finnCap.
“So I think there’s a bit of indigestion here [at this price].”
Asfour is among oil explorer’s more enthusiastic supporters.
However with a company such as San Leon, which at one point or another has been in the portfolio of most retail investors, there is no shortage of differing opinion. Nevertheless, in Asfour’s opinion the share looks “ridiculously cheap”.
As a market maker, Asfour sees the daily back and forth trading in San Leon shares first hand, and it is with this insight he points to the other possible hindrance to a share price rally.
“The problem with San Leon is that there are over two-point-five billion shares in issue,” he explains.
“With every quarter of a penny or ha-penny there’s a huge wall of stock to get through. For a company with that many shares in issue, that trades maybe ten million a day, it can take a fair while to chomp through all that stock.”
If indeed the share is suffering some kind of trading indigestion, then perhaps the upcoming
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