It's very hard to guess for the reason you say. Plus things like Tex/Geo. If both of those are sold, for anything like $20m+, or rumoured amounts for Geo (which I'm highly skeptical of) then we'd be in a much stronger position and so would filter into the SP. Plus RSR has alluded to trying to source better funding (perhaps along the lines of an RBL at decent rates for Trin). That too would provide a nice boost I think to know dilution is a thing of the past and running off cheap finance then profit. Case of a waiting game for now. Though any uptick in drilling activity would be nice as you say ;)
I say that as I think there will be resistance at this level due to the 700m Options around or less than 4p. That is based on 30% - 50% of cost savings being achieved, 1000 BOPD in full swing in Trinidad and being at or near to Operational Profit. Not an impossible ask I don’t think.
I actually think there will be a surprise in the production of BOPD by year end, I think it will be much higher than 1000 BOPD if they have maintained the rigs working as per the update on 16 June. That is why the next update is SO important, next week I think.
The price has started to pick up and the first A trade sell appears. Will the trades now follow the same pattern as yesterday and force the price back down with a stream of small A trades for the rest of the day?
Very little buying in first two and a half hours. But almost no selling at all. This departure of the Australian director has stunned the markets. Shell-shocked we are. Think most of us are expectant of crumbs of news this next few days. I look expectant anyway.
I hope that wilk1 your prediction of value is not true if Shell were to attempt to buy us which as seriously doubt. My average is 5p and havent got enough extra cash to average down anymore for at least 3 months!!!
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