It is very difficult to understand the current market action. Is...

It is very difficult to understand the current market action. Is it pure undervaluation that has driven the price to a mc of $5.86 million or is there something going on behind the scenes?

To me Key is grossly undervalued but along with a lot of other small caps. The market action indicates buyers are holding sway. The depth shows a 4to1 ratio buyers to sellers and it has been that way for sometime since it rose from 0.6 to 1.4,so supply is tight which to me indicates it will go higher.

From the March Activity statement there is nothing really to drive the share price. The Waugh No1 while not far off I would have expected it to cause the share price to firm up more closer to something concrete being announced. The core from the Cyrene is slowly being worked on by BRU and it is very low priority in their eyes. Key also mention other opportunities, could this be it?

Other factors that are positive are;

Kane Marshall bought 6 million for $102,000 at 1.7 cents so he obviously saw the value there. Does he know something we don't know?

BRU has gone up $170 million in mc in the a short period and other small cap O&G are resurging.

Perhaps RBS Morgans the underwriter to the large placement at 2.8 are buying.

Anyway time will tell