Three years of massive resource growth, a rise in LNG prices and a stagnant stock set up a coiled spring that a deal with a major, which is an exceedingly likely outcome, will unlock in one fell swoop. With the BOD meeting rumored to have happened last weekend, I think that literally any day over the next several weeks will bring a transformational announcement that will cause the coiled spring to erupt. Notice that the volume is low without manipulation like yesterday's shenanigans. The shorts were hoping for an exit to drain at least some of their 13 million share position, but the clock is just ticking too quickly and they're now stuck. Every attempt to crush the stock is met with accumulation and the path of least resistance is up.
If they actually made a decision last weekend, I would expect an announcement no later than Tuesday. They can't hold up material information for the PNG photo op. Otherwise everything will start leaking from very dubious PNG outlets.
Thanks Pickboone. Would think the synergies of a deal between Exxon and IOC would be much greater than Exxon's previous deal with XTO. Exxon could add to their LNG facility and there would be earlier cash flow for IOC.