Why it shot to 17.5c (pretty obvious that was on the back of ESG) then dropped back through 15c (suprisingly, profit taking). There has been some decent profit taking and it now seems to be steadying somewhere between 13-15c. Why the profit taking? I can only guess that the SP spent a fair period in that 14-16c range in the middle of last year and I guess some people don't want to hang around. I would ask the question why hang around for a year only to sell on the first hint of a decent rise. To also put the profit taking in perspective we are probably only talking about a million shares at this point ($150K).
My view is that this in on an upward trend as we head towards the anticipated announcements. See the Orion website for the work that they have planned in the second half of this year (CSG farm in with ESG and oil drilling in PEL6). See Hardmano's post for the technicals.
This has climbed from the 8-9c range last month to the 11-13c more recently and we have now jumped again. However, go to http://www.google.com/finance?hl=en&tab=we and type in OIP.AX - it gives a good chart for the past year and you will see that the SP trends up towards into and during each drilling periods (May 08 and March 09 in particular).
Make some money on those trends, but remember, if you are on the share register, if they hit a decent CSG seam or strike oil in PEL 6 with the traces last time then that is where the big money will be made. Its up to you which way you want to play it, but the message is there that either way we are looking good and the downside is limited with the $13M in cash, an interest in ESG's CSG farm in I think we are fairly safe.
I have also hypothesised that OIP may be of interest to ESG, STO or someone else. At around $8-9M above the cash backing it may make a lucrative target to either provides some leverage on ESG or consolidate a position. More pie in the sky stuff but something to keep in mind.
I am still very much in and have bought more in recent times.
OIP Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
