Substantially Undervalued, O&G Situation in play, page-96

Stabba,

I think the reason for no movement, is that there is no-one really following the company.

Its had that cash invested in PANR for years, PANR hadn't been involved in the drilling of a well in 6 years.

So everyone's forgotten about it really.

If you look at PANR I'd say its been the same few people who have supported it for the last year, while drilling was delayed time & again. Even when it announced drilling of the wells had started, trading was light, even on reaching TD & commencement of testing, there wasn't over 250 trades in a day and then it just tapered off quickly. There was very little sign of small retail investor interest.

In years gone by you'd easily have seen 1000+ trades on such news in these types of stocks in London.

I'd say the last 2 days are the first signs of new retail investors finally getting on board with there 5 & 10K purchases etc. Then the institutional investors will start to take more notice of the company to. With only 200M shares in issue its going to take time for them to accumulate decent holdings given that volume is peaking at 7M shares a day, which you really need to half because London counts both sides of the transaction since it goes through a market maker. Whereas in Australia the volume recorded is straight from sellers to buyers and vise versa.

LOTM