While yesterday's action was encouraging, today's was not. Both on continued heavy volume. Either there is "ebb and flow" on how the barite cleanout operations are going, or there is a lot of trading noise going on (maybe some associated with the end of month).
Anyway, I'm in the camp that thinks it would be a good idea for MMR to issue an update before the market open on Monday (good, bad, or inconclusive). Transparancy is the best policy given where we are with DJ1, IMO.
OH and let me add my prediction.
If no PR tomorrow-stock falls
If there is a PR and they say they have moved to plan B-stock falls
If there is a PR and they say it has flowed-we double!-----considering the past I'm going to bet we are moving to plan B nothing works as planned in the stock but I'm in it for the long run this stock will multiply many times over.
Sentiment: Strong Buy
BF, We should get a PR by wednesday at the latest, other wise JB will not be able to speak freely at dinner that night. As for PPS I rolled my core position over this week and avoided a beating. Hate to say it, also put in place hedges for a 5 or 6 dollar print to cushion a blow.
I think the solvent was working slowly, so I bet they are going with a StimGun now. JB will give an update after this is completed. I see no reason why the SG will not work, I was a little skeptical on the solvent, but obviously hopeful.
I am confident that JB will flow this well.
Sentiment: Strong Buy
The StimGun™ tool generates large volumes of high-pressure gas the instant the guns fire. The gas enters the perforations, breaks through crush-zone damage, andenters and fractures the formation. The system produces cleaner perforations, lowers hydraulic fracturing costs, and improves production.Slipping a propellant sleeve over a conventional VannGun®assembly before it is run creates the StimGun tool. The pressure and shock wave created when the perforating charges fire ignites the sleeve.
Sentiment: Strong Buy
10-15% within a week, not bad especially when 9 became a temp resistance level on 11/27, 29 and 30. Likelihood of testing Tuesday's low pretty good in this mkt climate, thus the Fri aft slump.
I tend to agree with you. An update would be a smart move especially considering that EXXI has a presentation on Tuesday morning with another Tuesday afternoon and MMR on Wednesday afternoon. That's a lot of spread of presentations where you know someone is gonna ask a lot of questions. Jim Bob should not have EXXI face those questions without something from him ahead of time. Just bad IR handling.
Jamie and BFF,
I ten do agree with you both. To dade I cannot recall when MMR left it to EXXI to announce anything really Important. Several times just before a EXXI conference a PR was released. Granted we are in a most compressed time frame here. Per JRM's comments at the CC, They should know something fairly definitive by now. If nothing else then the washes are slowly working or not. I would be surprised if nothing was said before Tuesday's EXXI conference appearance.
I do think we are at a Tipping Point more then anytime in the past. Because IF the solvent washes do not work, the options left as I recall were uncertain as I recall. And as we have seen far to often the market will tell us before we hear officially. So frustrating to know that some know far more then us in advance.
Can anyone tell me at what point additional washes become an exercise in futility .Are they able to determine that the first wash cleaned out say ? ( picking a #) 30% of the barite. And the second another 30%. Can they determine that? if so how. Or is my scenario above nothing like what is likely to happen. A fairly knowledgeable poster ( I think it was oiljars) but do not quote me, said he gave the odds of the wash(es) a 70/75% chance of working. What is the opinion of others.
But whatever, I think we will know by Wed at the latest whether we are in the money or ..... I still believe but i must say my confidence has been rocked pretty hard.
Agan thanks to all for their time an efforts to help keep a completely unknowledgeable member some clue as to what the situation is. Technically I mean.
bff - It seemed like yesterday was a short covering rally or more appropriately reloading the guns. I don't put much hope in hearing anything from JB until Wednesday's conference. Remember we were down over 20% before anything was issued and that was at the end of the day. I think the Put buying today was indicative of another run at knocking the stock down before any good news gets out so watch out for the fire sale come Monday morning.
Funny thing is the $5 and $7 Puts they were buying have already gone up by 5x and 3x respectively. So they have already made $$$ even if they just turn around and sell them.
Lastly, I have not been a fan of how MMR controls and distributes information so even if they do issue something I am not sure how it will read.