All, My metrics give the SP an upside target of $1.49 per share (refer to my posts), and that is based solely on its participation in the Gunndedah Basin with ESG.
Before it gets there however, I suspect that its biggest shareholders, in the form of ESG, may well just buy the company back to tidy up the cross shareholdigns and JV interests.
With respect to current action, the stocks previous high was $0.21c on 26 Mar 2009, it closed however at $0.19 (Open was $0.18). The IPO was $0.20 cents.
One of my favourite mantras is to buy stocks when they reach their highs as noone is losing money. Ergo, I believe that if this stock can take out its previous high on close of $0.19, it has clear sky and the much talked about targets of $0.30, $0.40 are very, very realistic targets in the short term.
A positive drill result will see the stock re-rated again and whooooshka!
Good night and good luck.
OIP Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
