JOINT VENTURE...GOING UP....Hello Everyone:
Buyers are finally bidding on LFD stock. Very little resistance going foward, any sudden flux of orders will bring us quickly over the 10 cent range. Chart looking better, stock wanting to rally.
Genel has made it clear that it will use its $ 2.2 billion in cash to make acquisitions, Longford has made it clear in its reports filed on Sedar that they are willing to sell a portion of their share to a partner whom will take care of all of the drilling costs.
There is no way that Vallares acquired Genel, partnered with Sinopec, that they would want Longford to do the drilling for them. Terms are being negotiated and deal should be in time for Christmas. Both Iraq and Kurds agreed recently to live by the draft oil law that was prepared in February 2011 and which Kurds are happy with. They will pass this law within a couple of months, Kurds waited them out.
As pressure builds on Longford it is only a matter of time before we have a sharp rally.
Patience will be rewarded. Yesterday I saw Macquarie Private Wealth fund buying all of the shares which is usually a very bullish sign.