Better that we shed the short term holders nowOver the next 2 months the GSA project will be significantly de-risked and the price of oil should be moving up again. During a major price move such as Ithaca's, even though we clearly have a long way to go in terms of gains, there will be a continual churn of shareholders, some taking profits and walking away some jumping in and out as sentiment drives them.
Best that we shed the current crop of unhealthy wobblers now before the next leg up. That will leave a core of determined holders before the next upswing begins, which is always the best way to begin an upward price move.
Arguably the single project risk assocaited with GSA is at its peak over the next month or so until the rig is securely tethered to the sea bed - I don't expect anything more than a gradual drift back towards previous highs over this period at best.
Our day will come, frustrating though this pull back is, it could well be that all the timing factors are starting to line up very nicely for us.
Doug