at a critical support level now IT seems the 1.20s is a critical support level. Someone presumably Anzon Energy the parent is probably topping up/help support their shares. its in their self interest really - they wouldn't want the shares falling, and also they may want more % of the profits. Additionally director buys have been evidence of confidence. Oil price can go to under $55, but AZA is hedged for 1M barrels at $55, so that should cover them short term at least, and give them some guaranteed income.
Bear in mind oil price can also go up dependent on world climate/situation. At the moment its just bad luck a lot of factors are working against POO.
It is possible for POO to fall more, and AZA might test 1.15 region. But i can't see it going lower than $1.00
AZA
anzon australia limited
