JSjessyI bought in at $1.80 and it took off towards $3 when...

JSjessy

I bought in at $1.80 and it took off towards $3 when reserves proved up. However at the same time, I reckon a few insiders bought up knowing the Arrow bid was coming.

If you are generous and say all the move to $3 was due to reserves, the question is why will it trade above that once BG offer expires and less than 90%?

Effectively you are buying into PES's future cash flows from developing fields and selling gas. This is years away and has a lot of risk

Obviously, my opinion only but I would accept