Well, by coincidence, I have not been holding for the past few days, as I wanted to pick up some Rift amongst other things. I have been planning to watch closely and get back in on news, but maybe will wait and see.
My gut feeling is that 49% of a big find is still worth a fair bit, and I would be surprised if it still wasnt worth participating in, particularly if other majors in the area may see some of their existing algerian profits reduced by the change in law and may therefore welcome a bit of horizontal integration to keep their figures up.
I would still be suprised if this wasnt priced upwards of 26p on significant news, but until then bears may continue to try and put the frighteners on, so I may hold off adding back in until I see what the short term direction is.
I would not be surprised if the delay in news is down to algerian playing hardball, and wouldnt be surprised to see algerian state companies taking over the field leaving pci with a free carry on a reduced percentage....maybe they may barter a slightly better deal for pci using the new oil laws to favour the home companies...
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