Robster, that was my strategy to a certain extent with MXP. The licence area of MXP was too good of an opportunity. I remember some poster mentioning how easy it is to target shallow targets in that region. My intention was to sell immediately after spudding of NUR-1. I remember you posting that the shares would drop to below 10p which they did. I averaged down and managed to get out on a spike at 12p. Until investing in Max that strategy was successful, especially DES and RKH. I think if you buy on the way up after a success is a big risk. Depends on market sentiment at the time and expectations going into the drilling program. A high risk of being locked in. This is not directed at your recent investment and the discovery seems to be a game changer for RXP but see how the MM's will bring it down whilst the find goes onto EWT. That wait may already be worked into the sp but there is a strong possibility that it falls further.
Has anyone tried...
Robster , don't know about that but do some research on PPC , they have an honest BOD , good men at the top and are on the way to opening up Paraguay. Compared to this heap of crap ( which is only good now to post remarks on ) I think it is a genuine long term bet. Btw , ref our long history of posting on this board , do you remember that bloke from Ireland who was always singing its praises while we were moaning , he just seemed to disappear from the scene suddenly. Unless he was a ringer ( I think not myself ) , after it went tits up he must have been too ashamed to post again. Either that or he committed hari kari.
Has anyone tried...
...as a stragegy for AIM oilies, having a list of companies that are awaiting results for a deep drill or any sort of company-making-drill and waiting until an RNS comes out saying "success" and then buying shares as soon as the market opens? I know this misses the boat to some extent (where the big gains are) but I have noticed that not all shares at this point peak immediately. For instance RXP took about a week to go from 5p to 20p on news of the big find, giving plenty of time to get in there. RKH and GKP showed similar patterns. MXP did for the shallow find at Uytas (took a whole day to peak). So is there any scope for waiting to here good news then getting in there? Gains would be less but so would the overall risk of losing £££.
thank you both for your kind thoughts. Unlike you both I wasn't prepared to throw good money after bad as it were so missed out on averaging down. Bugsy , you must have bought a shed load to get it down to 1.9 p and that took some guts and risk! I suppose this one and Range Resources put me off AIM completely with all the fiddles going on. Thankfully , I ring fenced my pension monies and apart from PPC which has a good honest board seemingly , have not put any new money into AIM. I think you will agree that a lot of folk have now cottoned on and the days of the ridiculous highs ( RKH as an example pushing up to 500p plus etc ,etc) are now over. Mind you everything goes full circle when the next load of saps come in , but I'll be too old to care then!!
RE: All the best
catfish, hope you are well. Seems that most of the 'old timers' have moved on. Well done with PPC, moving up swiftly. Poor Logical, we will have to have a whip round for him when we cash in our chips. Lesson learnt here, thankfully I managed to break even but lots of time invested. Always makes me smile when a company has a placing which is over subscribed and pi's taking it as a signal that the sp cannot fall below the placing price. Sorry guys for going off topic here, but I am sure at this price, risk v reward was better than my investment at 18p a share. GLA
RE: All the best
Feel for you catfish ,,,my 1st buy on MXP was 26p , was 10k up at 34p once if I recall and stayed in all the way down on the initial 1p fall....that hurt however I did go in heavy and got my average down to 1.9p over the years and lucky for me it paid off and I managed to exit on that last spike selling out me entire holding at 2.05. I hope for all of you still invested it does come good.
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