Flying again today... downward! The lack of news is sure killing the share price.... if management does not give a update soon (as they promised the well would be done in the first-half of December), I could easily see the share price slowly bleed down to $1 CAD. I can guarantee most of that $58MM USD rights offering from Sept will get sucked up into this well, especially if it keeps going longer than expected. That poor port will again be left without the money need to complete it, simple fact. Another example of management completely failing to understand the costs to drill a well and not having leveraged the opportunity in the summer to secure extra cash when the price was over $2.
End of day, as much as I hate this management team, something eventually has to give (good or bad)... this penny flipping nonsense downwards is just a joke and its sad management/money makers haven't put a meaningful "floor' on the price. Its funny... everyone thinks CGX is worth many multiples from the current price we are at today (even I think a $2 CAD price would be fair going into TD... not bloody $1.22 CAD). Well, it sure as hell would be nice if management thought the same and helped support the share price at least at the $1.63 CAD rights offering announced a couple months ago. Hard to convince any JV parnters to pay a premium if you cannot even manage to keep the current market cap/share price at the previous rights offering. Its like dealing from a disadvantage.
Guess we will see soon enough.