A couple of impressive come-backs..
Manas Petroleum (MNAP)
We adviced a trade in Manas Petroleum (MNAP) that was highly profitable, and after consolidation, adviced a new speculative position at 28 cents. Since we’re at 40+ cents already, this looks like being a good move, so far.
We’ve warned people that the run-up is in relation to drilling that is to be commenced shortly in Kyrgyzstan. If you don’t want to wait for the outcome (4-6 weeks away), you can take profits if you like. But how are the chances of actually finding oil (which is what they’re drilling for)?
- There are good seismic indications
- Similar formations are producing oil nearby
- According to Independent assessor Scott Pickford (2005) argued there is 1.2B barrels in place
- Manas managed to conclude a good farm-out deal with Santos (which are doing the drilling)
While success isn’t guaranteed, this isn’t just wildcatting…
It looked like this morning a negative comment from a Motley Fool investor triggered a bit of a sell-off (see here for a thorough rebuke), but that didn’t last long. It’s extremely encouraging that every time there is something of a sell-off, buyers line up to snap the cheaper stocks up.