It seems to me that the reason the share price is ending the year at a level below that reached in the Summer is that the market is taking quite a short term view on this one.
The dry wells at Capitaine and others obviously hit sentiment. And OK so TIOF new reserve figures will take a few months maybe to come out and Chinguetti will seem quiet as they concentrate on drilling production wells. And OK so the deal with the government will not produce cash flow until Q1 2006 as will the royalty from Premier's share of Chinguetti. So maybe we are all in this share too early?
To my mind the question to consider is not 'will the market reappraise and raise its valuation of SEY?' but is ' when will the market start to recognise the company transforming events that happened in 2004?'
Could start to happen in Q1 2005 or will it take longer?
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