As investors wearied of hearing predictions and rumors about the imminent awards of Blocks 2 through 5 of the Nigeria-Sao Tome Joint Development Zone, the stock opened slowly this morning and promptly dropped from the opening high of $0.55 to $0.52.
By the end of regular trading at 4pm EST, the stock had fallen $0.05 on volume of 1,087,748 shares, and was trading at its low for the day of $0.48. The price had reached $0.05 shortly after the opening.
Volume in the first half hour was a meager 197,355. More than 700,000 shares traded in the first 20 minutes Wednesday.
The spate of newspaper articles tapered off to nothing, and the promised Dow Jones News Service article has not yet appeared.
There is also no definitive word on the signing of the Block 1 Production Sharing Contract with ExxonMobil, which is reportedly farming out its preferential rights in the blocks offered in the second round in favor of operations elsewhere.
At 10:04am EST, the bid was at the daily low of $0.515 and the ask at $0.52.
Sellers were not appearing in large numbers, however.
Update:By 10:43, with 268,731 shares sold, the bid had dropped to $0.49 and the ask stood at $0.51. Some 9,076 shares traded at $0.495 before the price recovered slightly.
Update No. 2, 1:58pm: The price slide has continued this afternoon, with some shares trading as low as $0.49. At :1:59 the most recent price was $0.50, down five cents from the day's high and three cents from the open at $0.53. The volume was 763,521 at 2pm EST.
Update No. 3, 2:31pm: The price moved to $0.48, down $.07 from the day's high, as volume reached 929,021.
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5 comments:
Oldandintheway,
What's your point? Do you ahve anything to support your position besides accusations? Where's Joe's facts? Where's yours? You may be correct in your accessment, but you need FACTS to prove them. Accusations are a poor substitute for facts.
Joe, your comment "spate of news articles" lead to nothing is really misleading. The aritcles suggested announcment by end of January. It isn't quite the end yet. good luck with your bashing. hope you get caught on the sideline.
I agree with old. look at the change in the tone of the posts since two days ago when it peaked. I'd guess Joe dumped and now bashing the last two days. And he calls himself a journalist. if matching the pattern of articles with his trading you'll see some fishy activities there.
Oldandintheway,
Is that your Christian name, or your sir name? Tell us please, on the internet, what is the difference between labeling thyne self "Oldandintheway" or using the shop worn nom de plume of "anonymous"?
Some of you will remember that I posted an article here that included my letter to eight of Nigeria's leading daily newspapers, asking them to provide more coverage of the bids process. Five of them have done so. Now the spate of articles has tapered off to nothing, as I said.
I didn't sell, so I missed out on $10,000 in profits on the swing. I don't intend to make that mistake again.
I made the same mistake on the $0.55 swin a month agao.
I have to remember that this is like shooting craps and that you make side bets and take them off the table when you hit so that you can accumulate and take a bidder position in the next play.
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