Yep, not too sure about why the share price softened. I am still long and like what i see.
I think that there was a support level at 23 cents prior to the softening and once it broke that level it may have triggered a few stop loss points, therefore causing a snow balling effect?
I still think the big money will be made in the first six months of next year as we approach the Maari oil field beginning operation. It is a significant increase in production for the company and i expect this to be reflected in the share price.
Oyong will provide additonal valuable operating cash.
Who knows what SPC's intentions are?
My gut feel is that they want a much larger control of this company than there present holding, if this is true i think it can only be good for us shareholders. They already have 40% interest in Oyong.
I also understand that they have a very large sum of money set aside for investing and aquisition of other companies.
One other thing that i think may happen is that if Cue want to raise capital then maybe SPC will be given the opportuniy to purchase a large volume of shares in the company, this gives Cue the funding and SPC more control?
Regardless of all that, my reason for holding is simple, i dont think there is much downside and the next 12 months sees many exciting things for the company with significant growth.
If we fluke something along the way in addition to the planned works then i think the share price could get a big kick along?
The recent report stated that they have calculated there oil at $55.00 a barrel, so if prices stay high, which i expect them to then we should also see a bigger profit than that forecast.
It comes back to patience, stick it out until this time next year when Maari is pumping oil and i think you will be rewarded.
Good luck everyone, i look forward to this time next year