It looks like reasonably serious volume on the FPOs. There weren't many bids acting as support so the traded volume wasn't huge, however there are about a million for sale at 12c, and another 1.25 million at 13.5c. At the very least that 12c offer is genuine. I became a holder this week when a 450K bid for FPOs was filled at 12c, which was the lower limit of the well-tested trading range over the last 7 months, a support level I wrongly thought would make a sensible re-entry. What a poor choice! There is also fairly strong pressure to exit the options. I had an equal bid hit very soon after I placed my order online.
Anyway, it doesn't seem like the kind of volume a few retail shareholders could control. If it is a large individual or group, look for a solid pop when their line dries and the market receives a clear production report.
Success with the horizontal at Mississippi could certainly go a long way toward achieving the lower production estimate of 1,000 BOPD. Additionally, if Lanskey is correct about Clark #1's failure being due to a mixing of the formations, and Clark #2 can replicate the IP without the drop-off, 40c should be achievable in 12 months. My question is, what will be the short term catalysts?
Cheers
Tawny
AOK Price at posting:
11.5¢ Sentiment: LT Buy Disclosure: Held
