Falkland Oil and Gas continues miraculous recovery – edit “gyrations”/manipulation!

1 mins. to read

24 hours ago, Falkland Oil and Gas was sitting just below 60p, right now its up 8% to 79.5p or over 30% in a day.

On Monday lunchtime, the company issued a drilling update which precipitated a fall from the 90’s to the low 60p range (with 57p at its low) – the wording of the RNS was interpreted that no hydrocarbons had been found despite the fact that the Loligo well had still not reached target depth. The key word is “interpretation” since the FOGL board actually said very little. For whatever reason, a major holder of the shares decided to dump a significant volume and after Range Resources and Chariot’s recent dusters where a big seller started ahead of the news, the private investor has followed.

With news on the final wireline logging result due on Friday or Monday, this could be the most dramatic manipulation of AIM ever if the result turns out to be positive or yet another example of a stampede on sentiment (positive and negative). Watching from the sidelines here, but fascinating to see what happens with this one. Will it be a Desire or a Rockhopper??!

Contrarian Investor UK

We have a special update on the Falklands Oil Explorers in the next edition of our magazine due out late next week and that also includes a new Natural Resources Dream Stock Portfolio aswell as other Mining related ideas. To ensure you receive your copy “hot of the press”, subscribe for free on the right.

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