MMR

Something odd is going on. The share price plunged when the first drilling revealed no hydrocarbon; lots of hot air. If you were brave and bought the shares at 24.5c on 7.1.2011, you would make nearly 80% today within 10 days.

Would I have bought? No. I would only rush in to buy if the news is GOOD plus the share price is down. MMR only owned 15% of the joint venture but after investing in the first drilling, it owns 40% as part of the agreement (drilling offshore is very, very expensive). Maybe it was a ploy to get nothing and then when the share price plunges, those in the know, would re-enter the market and sweep up as many cheap shares as possible.

There is a possibility that some investors have got inside information or are betting big on the next drilling result. The whole PEP11 has other prospective gas fields and only one drilling has been done. I have already gone for a roller coaster ride so I might as well continue with it. Yesterday, it climbed 22% and didn't get a speeding notice from the ASX. Em....