imo the whole drill is derisked on a gas find which at around 80% cos is great odds with 3D Seismic data carried out by BHP at cost of $30m, a sniff of oil aswell will make things very interesting. I also like the fact RMP will still have a decent amount of cash in the bank after this drill.
A lot of PIs invested in this believing that a run up in the SP would occur prior to the imminent release of the results and would allow them to de-risk, well, that hasn't happened and as some PIs have jumped out in fear this has allowed the MMs to take control of this, making money isn't supposed to be easy and risks have to be taken to make it......saddle up.
Agreed. If this is not above 5p by Friday I will be shocked as there is so much on the line. I would say I would eat my hat if it is not there but due to going greyer and getting thinner on top every day due to this share I will hold back as the hat may well be needed.
The important factor here is that BHP spent $30m on 3d seismic data and only pulled out of the drill because they pulled out of the region. They are still paying circa $24m towards the drill.
For those unfamiliar with the campaign should note shell are monitoring this drill. Otto are unlikely to bring this into production and will sell up after proving reserves, exciting few days ahead from this 3 month low so close to news with such a high cos, now the large sell from last week is out of the way the price will be free to move, big buying pressure this am and it didn't move imo due to the sell been filled,
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