RE: Must be great news soon5 Mar 2026 19:30
InterestKing - like your good self I’m not a big follower of TA and don’t usually comment on SP moves, except general trends.
Profit Taking, in my experience, is almost as inevitable as night follows day, particularly when the tick up is of the magnitude we saw then and today.
There are plenty of holders who have shares which may not be part of strategic plan, possible example being CEG staff cut loose with shares they weren’t permitted to sell for 4 months. Those guys will be torn between the salivating growth prospects of the merged company against their possible need for cash to finance lifestyle or other avenues. Their financial adviser may be telling them beware of Stockholm Syndrome - diversification protocol suggests you need to spread risk! In those circumstances it’s not surprising there is selling into strength.
Fundamentally though we’ve had a couple of very well argued broker reports targeting 60p plus and 80p plus using relatively conservative reserves and POO price factors. For those reasons alone many current holders will be confident to hold onto shares and await developments, particularly in view of the gap between current SP and target.
Having said all this normal “ terms & conditions“ apply - readers should take their own financial advice - this is, after all, high risk oil exploration- albeit arguably less risky than when it was CEG, particularly in view of the Carried Interest on MOPANE.
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