Tax loss selling? Well I decided to pick up another 11,000 shares on Friday because I believe the selling pressure was due to tax loss selling. I was trying to buy since Thursday and decided to wait for the last day of tax loss selling on Friday.
I would have bought them at the ask but I played the bid and waited until late in the day Friday before the sellers caved and gave up a big block of shares. I even managed to get them at the low of the day, 64c.
If I was right then the share price should rebound nicely on Wednesday when the tsx resumes trading. My average was around 75c so I managed to bring my average down a few pennies.
I decided that if there was a leak of bad news on Mil Qasm the sell-off would have been much stronger and I want to be holding a full position when the test results for Mil Qasm are released. We have a 100% success rate so far and I believe the preliminary indications were positive.
Does anyone have any idea how much we are actually receiving from the Sarqala oil sales? The KRG holds 20%, wzr holds 40% and 40% is not yet dedicated so how much are we getting? How is the unrepresented 40% interest being allocated? It would be good information to know.
I am still hoping wzr will be a multi-bagger in 2012. The potential is definately there as long as we can put together a string of successful results. First up is Mil Qasm, then Topkana, Kurdamir- 2 and a favourable oil and gas law for Iraq.
If we hit them all then we will have a multi-bagger of staggering proportions. It has the potential of duplicating petro-kazakhstan which went from a penny stock until it was taken out around $20 or $30 a share. Yes I am dreaming a little but we would definately have a chance of realizing Simon Hatfield's $5 per share estimate of value.
There are many uncertainties overhanging this stock and it is a high risk venture to hold a stock with so many uncertainties but we have the potential of hitting a grand slam. 2012 will be a big year for wzr and with any luck we will all be rewarded by next xmas.
Looking for a string of successes starting with a strong resumption of trading tomorrow and positive testing results by weeks end. Go wzr go.
OceanRanger