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Could still be flippers from the most recent placing imo and would explain the volume. Was to existing holders so some may flip return some cash (de risk) and retain their original holding. Will dry up at some point and likely out of the blue to catch people out.
Lots of stake building starting now, essentially we are in kind of an overhang scenario at 4p where the placing was completed in February. Good time to buy at the placing price and when consolidated (soon imo) the shackles will be off.
Good times ahead, looking forward to Trinidad news and who will be our new non exec??
Paul’s interview in May 2020.
Option of a second well in Morocco.
1) Looking for reduced cost for drilling 1st well, $1mil bank guarantee leverage and depressed market due to Covid opens up opportunity to reduce costs to drill.
2) If the right JV structure is found.
Paul is looking for fast route to monetisation in Morocco based on gas discovery.
BB posts go from doom and gloom on a down day to sky high on an up day. Nothing goes up in a straight line as they say, buy weakness set your own targets based on your investment. Market cap still sub 10mil so regardless there is huge potential here if a project comes good and also once Morocco drill details are finalised the price will no doubt be a lot higher than today.
The uptrend is reflective of risk reducing after Covid and oil crash + progression on current projects and assets. No spikes so gradual increase and consolidation meaning a more stable share price. Basically things are moving in the right direction. Its a given that good or bad news would mean big moves in price, thats the reason I am here risk vs reward is v good :)
I was thinking exactly the same Herts. Anyone understand this out of pure interest? The price is almost being held in a range and an upward trend, not complaining of course. Maybe filling orders on the way up then the price moves?
Loving the chart, can’t get much better. Solid uptrend with some consolidation on the way up. I said 4p bid this week, 4.5p bid mid to end next week only going by the recent trend.
Speculating that the sells recently between 3.5 and 4p maybe 2p placers selling half their holding and using the other half to average down if they were a placee at 4p if so that’s approx 10mil so Hopefully these will dry up soon nearing that volume of block sells I believe.
Moving on small volume and reduced overhang of shares now. As said previously July and august are the key months although now maybe September so an opportunity still to join the ride early July.
Still undervalued.
Good day today.
ATB
From RNS today
"notes that the Moroccan authorities have stated that the state of emergency in response to the COVID-19 pandemic is being extended to July 10th during which time there would be an easing of some of the current restrictive public health measures."
From annual report
" It is anticipated at present that drilling operations can commence 3 months from the lifting of some coronavirus restrictions on travel. "
So basically Paul is saying spud early October which is as we all expected.
In the mean time lets not forget Trinidad and Ireland this for many is not all about Morocco.