"Even with a rig.......... No higher than .29,,,,,,Sheeeesh"
It`s not the news holding the price back ,it`s the "gap and trap" Many traders will sell into the gap and reload after the retrace,pennyland at it`s finest. Premarket news only helps frontloaders.(IMO)
TopShelf - I don't believe the daily rate was the main reason JCG made the decision to wait before he contracted a Rig for the JDZ. The main stumbling block was most likely the duration of the contract.
He was lucky to get the DP with minimum exposure. The window of opportunity with the DP was only 5 - 7 months. I am sure that it fits nicely into their drilling schedule.
When the DP leaves the GOG it is headed for the GOM under a 5 Year $ 1.19 Billion contract. (That’s is about 600K per day)
I have always been pro JCG. He seems to consistently push the right buttons for Addax. His latest move with the DP could have been 6 months in the making. I know there are a few people on this board who disagree but that is their privilege.
I am sure his staff worked hard in getting the DP most likely with help from The Operator of JDZ Block #1 - Chevron. Chevron will pay the Lion's share for the rig when it's Drilling in Block # 1.
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