The Foyil presentation sees the next trigger for COD to be the results of the 2D seismic analysis, along with re-estimation of the resource, in 4 to 6 months. Perhaps Foyil forgot the other trigger. That is, HotCopper members abandoning LYC, PDN, and others to get on the next hot stock.
A few years ago Range Resources (RRS) was a HotCopper favourite as we all hoped that RRS would replicate White Nile's meteoric share price rise. However, that was not to be due to the Somali instability. Having read the investor presentations, and checked COD's website, it appears that COD could be RRS all over again, but being in the Ukraine the sovereign risk will be essentially minimal compared to Somalia/Puntland. This could be the big one.
COD Price at posting:
22.0¢ Sentiment: LT Buy Disclosure: Held
