I find it hard to believe there are no Encore holders here ! Or are all holder's in shock? :o|
The price has been hammered on the incomplete update on the Esmond gas storage, but to be marked down from circa 30p to 10p is far in excess of the value that was possibly attributed to gas storage success?
Having lost out with a spreadbet placed last Friday at 29.5p in time for the Esmond update it was closed out because I was asked to provide a stop loss - so I just placed it at 20p not expecting it to be taken out but on this occassion it has saved me another 5p or so loss as the share price halved to 15-odd pence.
This morning has seen more savage cuts (spreadbetters on margin bailing out / stopped out?) so I have taken another position. Of course the market cap is now too small for new positions to be opened at the SB co I used last week (Finspreads) so I have just bought the shares outright at 10p which hopefully will be the floor (today's floor at least!).
With additional news to follow on Esmond testing and project evaluation, as well as Breagh, Bowstring and Barbarossa production early next year the re-rating will surely occur.
Any thoughts?
