JMC Meeting Is On; Pre-Market Trade Hits $0.505

A note from the reliable poster Homeport alerts us this morning that the Joint Ministerial Council of the Nigeria-Sao Tome Joint Development Zone is scheduled to meet today, with the Sao Tome and Principe members winging their way to Abuja aboard a chartered plane at 9 a.m. this morning.

That word alone was enough to ignite a ferocious volley of trading with multiple 50K buys passing over the tape - the first at $0.505 even before the market opened.

Here is Homeport's message:

Posted by: Homeport
In reply to: Homeport who wrote msg# 20555 Date:2/6/2006 8:48:12 AM
Post #of 20568

STP NEWS: JMC delegation skeded to fly to Abuja at 9 EST aboard charter flight, Lusa cites Oil Min Deolindo da Costa as saying.

The STP team is composed of the oil min along with Defense Min Oscar Sousa, Economy Min Gaudencio Costa, a rep from Planning and Finance Min, and two aides to Pres Menezes.

Agenda centered on approving JDA´s annual budget of about USD 9 million and discussing 2nd licensing round PSCs, Lusa reports.

Note: Composition of delegation has been altered: FM Pequeno not taking part, as initially reported last week. The team now seems more/less evenly balanced between officials considered "Menezes' Men" and MLSTP govt loyalists.