Pancontinental Oil & Gas (PCL) is a stock I mentioned on Thursday night as one to watch on Friday after it came up on my scan. The stock managed to hold it's strong gains from Thursday and finish even at $0.11 on Friday (03/03/2012), again on good volume. The stock hasn't gone unnoticed with the ASX as after market a price and volume query was issued and responded to. The company advised there was nothing that needed to be announced to the market.
Hartley's issued a research note on the company earlier in the week which may have prompted more interest in the stock. Hartley's rates the stock as a Speculative Buy and has a six month target price of $0.23 due to a number of catalysts.
It is interesting to note that Jacka Resources (JKA), a stock first mentioned in a July post last year (also $0.11 at the time), had it's shares up $0.01 to $0.165 on Friday on good volume. So the link? Both companies have a joint venture to pool resources to evaluate petroluem acreage opportunities in East Africa. I am wondering if JKA has started running as a result of PCL running and the market is simply guessing that they may have finalised an application for an onshore asset.
Considering PCL received a 'please explain' from the ASX on Friday it will probably take the wind out of it's sails. If JKA continues to rise there may be some news directly and only related to JKA around the corner. If JKA backs off then we know the market was only speculating on joint venture.
One thing is for sure, JKA technically looks great so if the rise is not broken then definitely keep an eye on it!
Showing posts with label Pancontinental Oil (PCL). Show all posts
Showing posts with label Pancontinental Oil (PCL). Show all posts
Sunday, February 5, 2012
Thursday, February 2, 2012
Lynas Corp Fires up whilst Mantle Mining gets ASX query
The ASX 200 regained all of yesterday's losses and end up 42.1 points to 4267.8 for the day.
All eyes were on Lynas Corporation (LYC) as the share price surged over 19%, up $0.255 to $1.59 after confirming that Malaysia's AELB board approved the granting of a 2 year temporary operating licence for their rare earths project in Gebeng, Malaysia. The company will be granted a permanent operating licence should it comply with the terms of the temporary licence. Those that had long CFD positions with a guaranteed stop loss (to protect on the downside should the licence not have been granted) will be very happy. Macquarie has maintained an outperform tag on the stock.
Elsewhere, Mantle Mining (MNM), which has been a favourite on this blog surged to a high of $0.125. The volume on and just after market open was phenomenal and I thought that it could be a massive day. Unfortunately the ASX lodged a price query with the company which capped any larger run that may have been on the cards. I liked the response from MNM. Whilst the company advised there is no explanation for the rise in volume and price it did say the following:
"The Company is at an exciting stage in its development.
The Company is progressing a drilling program at Bacchus Marsh and expects to have further results from that program available during February and March.
The Company also notes that trial dates for its action relating to the Mt Mulligan tenements have been set for early March."
MNM closed up $0.01 to $0.115 and the buy side of the depth is still reasonably stacked.
Yesterdays scan came up with Pan Asia Corp Ltd (PZC), today the stock opened at $0.145 and flew to a high of $0.175 early morning before being sold off for the rest of the day and closing at the opening price.
My scan says that tomorrow's stock to watch is Pancontinental Oil (PCL). The stock was up $0.014 to $0.11 today on 6.7 million units.
All eyes were on Lynas Corporation (LYC) as the share price surged over 19%, up $0.255 to $1.59 after confirming that Malaysia's AELB board approved the granting of a 2 year temporary operating licence for their rare earths project in Gebeng, Malaysia. The company will be granted a permanent operating licence should it comply with the terms of the temporary licence. Those that had long CFD positions with a guaranteed stop loss (to protect on the downside should the licence not have been granted) will be very happy. Macquarie has maintained an outperform tag on the stock.
Elsewhere, Mantle Mining (MNM), which has been a favourite on this blog surged to a high of $0.125. The volume on and just after market open was phenomenal and I thought that it could be a massive day. Unfortunately the ASX lodged a price query with the company which capped any larger run that may have been on the cards. I liked the response from MNM. Whilst the company advised there is no explanation for the rise in volume and price it did say the following:
"The Company is at an exciting stage in its development.
The Company is progressing a drilling program at Bacchus Marsh and expects to have further results from that program available during February and March.
The Company also notes that trial dates for its action relating to the Mt Mulligan tenements have been set for early March."
MNM closed up $0.01 to $0.115 and the buy side of the depth is still reasonably stacked.
Yesterdays scan came up with Pan Asia Corp Ltd (PZC), today the stock opened at $0.145 and flew to a high of $0.175 early morning before being sold off for the rest of the day and closing at the opening price.
My scan says that tomorrow's stock to watch is Pancontinental Oil (PCL). The stock was up $0.014 to $0.11 today on 6.7 million units.
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