Edinburgh Oil & Gas (EDG)

Mooringsman

Junior member
29 1
A bit late, but The Sunday Telegraph might have been behind the 18.4% surge in EDG today, by printing that EDG could be worth another 100p on the present share price (then 57p). In March they were just about 20p and then three weeks ago they had a rapid rise to 73p. After today they are back at 67.5p. The excitement is about one of the biggest oil discoveries in the North Sea for a decade at the Buzzad field in which EDG has a 5% stake. This find is estimated at 200-300 m barrels, although this could prove to be conservative. Investors are advised to sit tight and not be tempted to profit take. I have been in and out of this one, but bought back in at the last peak, so I am hanging on to them now.

Sam
 
Hi Sam,

I've been watching this for a while and the chart has been looking good. That tip really did drive the price back up so that some of the smart money can take some more profits - however I too think that this will probably move upwards in the fulness of time and when the price dips again I might have a little nibble...
 

Mooringsman

Junior member
29 1
Buying Continues

Hello Darth

Up again another 9.6% to 74p with more than twice as many buyers as sellers. I must admit it does seem sensible to lock into profits as and when they occur. However I missed the boat on the big jump on this last time - these leaps always happen when your back is turned. Once the price does make a big move you then have to decide is it going to do the same again or is it time for a correction. The reality is that this find is probably worth every penny on the share price, but no one is expecting fundamentals to overcome sentiment.

Sam
 
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