The bid/ask has consisted of 5-10k shares so this stock is thinly traded and can appear to rise & fall quickly on very little volume. The real buying will likely show up as this progresses from seismic to actual drilling....
Gump-As I have been saying for the past couple of weeks, even before TGC started trading; TGC's stock is going to have to lead the charge up for HENC. At least until TGC develops some other assets.
Yesterday the TGC didn't trade due to the Canadian Markets being closed. Today it traded as high as .38 and closed at .36 or showing up .02 from Friday's close. When you see TGC trade upwards of .50 you should see HENC move into the mid .40's. Assuming the TGC crowd gets their stock above the .70 a share level needed to force exercise their warrants, you should see HENC breaking to new highs above .60.
I recently discovered that the reason there was no real increase in the reported reserves announced last week, was they could not be increased, in spite of all the new 1000+ barrel a day wells drilled in close proximity until the new seismic is finished and evaluated. That will probably be around six weeks from now. A month or so later, drilling will begin. But do remember, the low most conservative end of the reserves reported at the time of the "farm-in" was 31 million barrels or some $3.3 billion dollars to gross well. HENC's share would be just under a billion dollars. And this report only covers six leads, one sand and just 27,000 acres of the total 1.12 million acres.
It only takes around seven days to drill a well to testing in the Cooper basin, so we will not have to wait long for results once the drilling starts.
Here is a PR that was just released today by an active Cooper driller, DrillSearch. The well they are hooking up is on PEL 91, which is sandwiched between HENC/TGC's two concessions; PEL 112 and PEL 444. As you can see from the PR they anticipate production from just this one well to increase to 2,000 barrels a day once they complete their pipeline connection. In this adjoining concession over a dozen wells have been drilled and completed with production tests up to 7000 barrels of oil per day.
It only takes one well like this to make HENC worth a lot more then a dollar a share.
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