why fec is rising..its very simple, fec is a 40000 bopd producer, oil is rising and so is the sp.
not only that the cgx holdings doesnt reflect in fec's valuation, but the risk holds fec back.
i would guess that a disaster in kawa-1 will "cost" fec around 3$ short term and will bounce back as the oil will keep rising.
cgx's value represent the kawa-1 potential, without kawa-1 being drilled cgx was trading at the 30's.
so when the two companies had the same mc that was the time to switch, now, as cgx's mc is getting close to half of fec's i see cgx as an option of fec that ables to keep the same upside with less funds.
not buying in yet, but on the look...