RE: GBP -significant uplift in share price due.9 Dec 2020 16:11
As highlighted, I have only been holding these a short time and I am perhaps not as well researched as others but here is my tuppence.
With regard to the 29 licence, "further extensions not being permitted under Namibian petroleum exploration law", this would have been known to the company, the longer term investors and those that took the placing. I don't see this as anything other than a paper work issue, they told us the "Company's current intention to apply for a new licence in due course." especially as the director were buying knowing this.
I would prefer the SP to moving in the other direction. It does feel like it is a low volume drift based on the low liquidity here and... I suspect InterTrader Limited are selling down the remainder of their position and probably without regard for price. They must be almost on fumes at this point and we know that other holders were increasing; so I am hopeful that the price will snap back towards the placing price at .75 at the very least, once they clear.
The directors bought shares recently which alone implies confidence. They have cash thanks to the raise and we await further news on the seismic data, a jv, take over, farm out, etc. All of this would cause significant uplift in the share price, so I am seeing the current weakness as opportunity. The low number of shares and low liquidity mean this could easily move up just as fast.