This is where CGX was in early May before that horrible PR (ie, before the Santonian was even drilled). Looks like we got back to that point now based on confirmation of ~70ft net pay in the overburden intervals. I was hoping higher, but looks like the market wants to see the results from the Santonian before pushing. Big part of me thinks the company knew on May 3 they had ~70ft net pay.... they just bungled the PR (on purpose wouldn't shock me) and allowed the market makers to make easy money shorting the stock/picking up cheap shares on the low.
Its interesting nonetheless... so many penny stocks go higher based on "promising" news. CGX, despite reporting this morning "multiple hydrocarbon shows in the primary target reservoirs in the Santonian internal" can't seem to go higher. Market must still have PTSD over how badly CGX fuc*ed up sampling in the Kawa well and want to see final results here before pushing this higher.
For the optimist (which I think >90% of posters are on these message boards), this price point currently still offers fantastic entry. For CGX management, the ball truly is on the 1yr line... multiple times in the past, they have fumbled the bloody thing. Let's finally get that TD (no pun there haha) and get meaningful results from the Santonian!