Share value18 Apr 2023 15:29
Q1 result was solid. It showed a healthy and stable production rate.
Q2 result will be much improved on Q1 and the unsold oil will be added along with our new producing well.
I'm guess we are making somewhere around 10 mil a year. (Please correct me if that figure is not accurate).
With good news this share moved up fast. This will happen again.
Day traders want a quick profit and with no new news they will take their profit and move on. MMs will also do their tree shake to weed out the weak.
True share value and current share value is what the market dictates.
Without news this share is unlikely to move till Q2 unless a big investor takes an interest.
To move this share we need news of a spud date. Farm out progress will also help. We then need to keep the various drilling programs going.
I do believe we will reach 1000 boepd this year.
For now I'm looking for a lower entry price. This share is very undervalued and will take advantage of this dip.
I see a great return here but know that bloe need to get nearer to the 1000 boepd. Then we will see this move quickly.
I will add a little more, if the price is right, then sit and wait.
This is a very different company to the Block Energy of a year ago. It is now making a profit and able to fund, to a certain degree, future programs of work.
But just my personal thoughts.
Research is key!
Benidorm tomorrow for a fun night out with my buddies!