Borders and Southern bounces as Ignis increases stake

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News yesterday that Ignis Investment Services had increased their share holding to around 7% appears to have put a firm floor on the Borders and Southern share price.

After moving as low as 14p yesterday, the shares are currently 18p to buy, a 7.5% rise on the day. After the disappointment of the Stebbing well earlier in the week, the shares were down from over 62p. Back in April, on the hype before the Darwin well result, they were pushed over 130p before Borders announced a gas condensate discovery rather than oil.

Investors are keenly awating results of the gas condensate analysis which is due 10 weeks from mid June. The delay with the analysis was a result of the pressurised container having to be shipped by sea rather than chartered plane. 

At 14p they looked cheap, now all depends on the gas condensate. Ignis clearly have high expectations with their stake building.

Contrarian Investor UK

 

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