RE:Big buyer
I suspect that Orlen is accumulating shares via Sterling. They are routinely buying shares at a discount to the bid between $4.68 and $4.70. Why not pay less regardless of the amount. The other trading is likely shareholders getting liquid or switching, arbitrage traders for the pennies, HFT (liquidity bots trading for pennies and credits) and perhaps algos. I believe if Sterling was representing another bidder securities laws would have forced disclosure over 9.9 percent. At $45 oil and $2.35 mcf gas I am not holding my breath for any other bidders. Too bad in a good market it would have been fun given KCKs sweet spot in the Montney. Although I must admit I am okay with Orlen taking on the West Kakwa development risk. Without this bid we wouldhave gone sub $2.50 on sentiment and commodity pricing.
Just look at the charts of Kelt and Painted Pony as indirect comparisons and market darlings in the not too distant past. They were down graded yesterday because i is difficult to meet growth profiles in the current pricing environment. I am looking very hard at them and have been nibbling. 7 Gen is of course the best comparison up some 3% on the day.