Tuesday, March 14, 2006

ERHE Dips, Begins Strong Recovery - Is Word Of PSCs Leaking?

Even though some know-it-all posters on I-Hub assured investors the news of the PSC signings would be available "a half hour after the opening," as 12:30pm ET approaches there is no official word of progress on the contracts for Blocks 3 and 4.

But there is an indication from the market that something positive is happening.

After the customary shake that saw share price fall from $0.885 to $0.82, the past few minutes has seen a recovery of increasing strength that may signal a successful signing ceremony.

Once the share price slipped in low volume, it seemed like it took hours to get to $0.83 again; now the bid has hit $0.84 and the Ask is at a stingy $0.845 as volume crosses 2,025,150 shares.

Looks like news to me - but what do I know? Isaid yesterday we wouldn't get word of the signings until after the market closed!

No comments: