New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004

Another 200k delayed buy.

Yep, and it's 303L again.

we looking 20p very soon

I do like that 303L guy!!

Perhaps that's a sign to sell when they hit 30.3p, LOL!

Or maybe even 3.03! Decent day today considering down after the open. Looking forward to tomorrow!

gavdfc: Now that would be nice! Tomorrow, well let's hope the profit takers don't move in. I have a feeling that Fidelity and/or Carmignac may have been today's big buyers. There were also one or two large sells, so perhaps Gartmore are still taking profits as well.

Hopefully the buys will outweigh the sells. If we can move up slowly then perhaps the profit takers won't descend on us. Re the inst buying or selling, I'm sure we'll find out soon either way. No RNS released tonight.

gavdfc: Well said. Don't think we will get an RNS for a while. Would be content if we manage to hold the closing price tomorrow.

Morning all. Looking good this morning. Two large trades have kicked this off again.

Morning Grevis,

Late start for me today! Looked good earlier on but didn't hold 15p. Still looks good though and some decent sized trades earlier.

ooh la la

Morning gavdfc: Those buyers were under those two broker codes again this morning. Stake building for certain. Doubt it was Gartmore. More likely Carmignac or Fidelity.

Well they're all welcome, the more the merrier! Looks as if these 2 brokers have been busy again today. Do like the look of the chart though!

We seem to have eased back a tad. But, nice to see those big buyers are still taking a nibble.

"We seem to have eased back a tad."

By 4:30 pm a little more than that! Still trying to understand what's going on at the moment. Is it deliberate manipulation? Buying a lot, watching the price go up, then quickly dumping? Anyone have an opinion?

gavdfc -Hope you've been watching the excitement today!

Grevis,

Been out all day, and come home to this! Cracking rise late in the day, big trades again and more after the close. Hope we can hold the 16p tomorrow and build from there. Looks like the institutions playing again, same as yesterday. Think this news on Algeria got the price moving today.


Spanish companies Repsol (REP) and Gas Natural (GAS.MC); China National Petroleum Corp. and Sinopec (SNP); and Irish independent Petroceltic also won the tenders in Algeria's fifth bidding round.

Looks good for tomorrow.

Here's the link to the article.

http://news.morningstar.com/news/DJ/M07/D28/200407280932DOWJONESDJONLINE000490.html

Pete - Just looks to me as if the institutions buying and selling, taking profits along the way, like some others will no doubt do.

Gavdfc:

Great research note. it is not even on PCi website yet. Hopefully will get another blue days plus on the back of this news:


Oil soars as YUKOS told to stop selling
Wed 28 July, 2004 17:35



By Andrew Mitchell

LONDON (Reuters) - Oil prices have hit their highest level in at least 21 years after bailiffs ordered beleaguered Russian oil giant YUKOS to stop sales, threatening further strain on tight international supplies.

The news on Wednesday intensified concerns over the lack of spare capacity in the international oil system, as the OPEC cartel pumps at its highest level for a quarter of a century to meet strong global demand growth.

Gains accelerated after a weekly U.S. government report showed just a small build in crude stocks and a fall in gasoline inventories even though crude imports into the country were at the highest weekly level ever.

U.S. light crude rose $1.21 to $43.05 a barrel -- topping peaks hit in early June and the highest price since the New York Mercantile Exchange launched the contract in 1983. London Brent crude rose $1.06 a barrel to $39.60 a barrel, its highest level since October 1990, ahead of the first Gulf War.

Prices jumped after a company source said Russian bailiffs told YUKOS' four production units, which together pump 1.7 million barrels a day of oil, to halt sales of property -- including oil.

YUKOS said it had not complied with the order and was continuing to operate while it sought clarification of what chief executive Steven Theede called a "misinterpretation".

YUKOS has said it faces imminent bankruptcy as courts seek to enforce a $3.4 billion tax debt for 2000.

The company pumps around a fifth of crude supply in Russia -- the world's second biggest oil exporter behind Saudi Arabia after five years of rapid production growth.

STRETCHED TO THE LIMIT

The lack of a supply cushion in the event of an attack against the Middle East oil infrastructure has encouraged heavy buying from big money speculative funds.

If the YUKOS turmoil prevents Russian production from meeting forecasts for further growth, the global oil supply system will be even more pressed to meet rising demand, analysts say.

OPEC has already jacked up production to 30 million barrels per day -- the highest level since 1979 -- to meet breakneck consumption growth in China and the United States.

Saudi Arabia has led the supply increase, eager to stop prices rising to a level that would hurt world economic growth and stunt fuel demand.

Allowing for inflation, prices are about half those during the oil price shock that followed the 1979 Iranian revolution. Crude averaged $80 a barrel during 1980 when adjusted for inflation to 2003 prices, according to oil major BP.

OPEC President Purnomo Yusgiantoro of Indonesia said that the cartel was doing its best to get prices down. "We are very sincere about pushing the price to be stable below $30 per barrel," he told Reuters.

Venezuela's oil minister said OPEC had little spare capacity to help lower prices. "Most of the countries are near their production limits," Rafael Ramirez told Reuters.

Higher OPEC production helped push U.S. oil imports to the highest level ever last week at 11.3 million bpd, the U.S. Energy Information Administration said in its weekly report.

The high imports helped push crude stocks up 1.2 million barrels last week to 300.5 million barrels, around average for the time of year.

Refiners have struggled to turn ample crude supplies into higher refined product inventories, underpinning oil's price strength.

Gasoline stocks fell 700,000 barrels to 207.7 million barrels even though gasoline imports rolled in at the second highest weekly level ever, the EIA said.