Another Leg Down.Well, it's very plain to see that if there is no serious buyers around, this stock is going to keep drifting lower and lower on the thin volume like we had today.
5K or 10K of stock thrown into the market when the bids are small or spaced like they have been can accelerate a downward spiral for no good reason other than a lack of buyer interest.
Not much sense in selling stock at this time with such weak bids unless you need the cash or are afraid BNG is going to fall off the map ..... all things are possible.
There are definitely buyers out there (myself included) not showing their hand at this time, hoping that they can snag a good chunk of stock on a sudden slash down by some spooked shareholder.
Management should realise that a progress report or simple news update will reasure the market that they are moving ahead with their stated goals and are not asleep at the rig site.
Sooner or later I want to see a news release headline something like:
Bengal Energy Lances an "Elephant Well" Oh well! we can all keep dreaming.
Cheers