ONE SELLER (SCOTIA BANK)Hello Everyone:
The bulk of the selling is being done by Scotia bank, 2nd day in a row. It appears to be a frustrated long or maybe some tax selling.
We have seen the same email from various posters concerning a PR to update shareholders to be issued soon.
The promised date is October 2011.
Reading the tea leaves one has confirmation that the PSC was re-negotiated in October 2011. There are 3 initials on each page. One is for Longford, one is for kurds. The other presumably is Rothschild signing on behalf of Genel and Petroil since they acquired these interests.
What did states is that the parties in the PSC contract have been talking together and negotiating. This is good news since it means that there is OPEN COMMUNICATION.
I presume that both the kurds and Vallares know and understand that Longford does not have the funds to drill, but they do have a significant portion of the property at 40%. It is reasonable to conclude that once the PSC was out of the way, the management of Longford would sitdown with the management of Vallares to reach a deal on drilling schedule, financing and, profit sharing between themselves.
All the pieces of the puzzle are falling into place. This is why a PR is scheduled for October 2011.
I am certain that LFD has received a large number of calls and the pressure has built on them to respond.
This stock has rallied many times in the past, to $ 4 level, to the $ 2 level, to the $ 1 level, to the 80 cent level, to the 46 cent level. It has a history of very strong rallies. At some point, the rally will begin and when it does those buying at 5 cents will be making an easy 1000% return just on the basis of the share going to 50 cents.
Sometimes I wish I had refrained from buying at 23 cents and instead loaded up on 5x the number of shares at 5 cents. One could easily become a millionaire on this stock with very little money down.
JMHO