Companies with cash backing respond very, very well to positive announcements.
Now this company isn't just cash backed, but 140% cash backed.
It has one of the most extensive lease holdings by square kms of all the oil and gas juniors on the ASX. And it has a JV in place with a mid-tier oil and gas company in ESG.
A drilling announcement cannot be too far away. An easy 50%-100% gain here at some stage over the next 3 months.
I know the real short term traders like to have their money in something where they are confident that the sp will rise within a few days but given the pressure building in this stock I am amazed there arent more punters onto it.
OIP Price at posting:
4.3¢ Sentiment: Buy Disclosure: Held