Edge Resources shares rose Wednesday after the company reported an increase in oil production at its Asset East licence in Western Canada.
In an update on the first well of the spring drilling programme in Asset East, the company said production increased to 90 barrels of oil per day (bopd) compared to the previous 60 bopd announced on April 2nd.
The well encountered 8.0 metres of net pay and is being tested to assist with the production of formation sand alongside the oil.
Here is the comment from L1onheart i believe Smidsy was refering to: "MM's decide which stocks in which they want to make a market so the companies try to convince them on listing that their stock will have good prospects but, more importantly to MM's, plenty of interest. Contrary to public opinion, MM's don't care if a share is 5p or £5, they just want liquidity (plenty of buyers and sellers) so that they can make a turn on a large number of trades. In normal circumstances. they're not trying to keep a sp up or force it down, this only happens when they are caught by too many buyers or sellers and they have to react. Similarly, a stock with no news will always drift until finally someone says 'these are too cheap' and buyers return. A MM makes no money if there's no trade, so they drop an sp on a quiet stock until they pick up some interest and therefore, lack of communication to the market, is a big crime from many BoD's but not MAGP!"
Look at post on MAGP by L1onheart at 08.34am He is an ex MM. He is presently giving the Maggots his knowledge on MM's and how they operate. The last sentence is in my opinion important and we should try to get this over to Brad. Anyone any ideas?
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