The drilling and its connection to market reaction is not following its usual pattern,due to the soft market conditions.I see this in all high risk stocks,little market appetite for risk.
I now think more than likely it will take an oil show to move the stock and this may give some of you a chance to get out if it happens.It is only costing $500000 so they will be able to do other things,including Waugh#1,maybe Waugh#2 and make other announcements before they need to go to the market again.
For my part I think it is undervalued in these market conditions and there will be other important announcements down the track in a better climate that will produce a result in the share price.
Therefore Iam not a seller at this stage.
KEY Price at posting:
2.9¢ Sentiment: LT Buy Disclosure: Held
