There is certainly some profit taking, plus a whole bunch of manipulation with Cannaccord doing there thing along with a few others hitting the bid in small lots to keep the pressure to the downside!
If Falcon were a producing oil and gas company, then there may be some bad well - that investors are the last to know about. However, since Falcon is primarily a holding company and we have no drilling taking place by our JV partners as yet, then it is all about waiting for the next big news. The longer it takes for news - the more the cannaccords of the world can drive down the price for whoever they are working for in the background.
The only catalyst that I can see in the "near" future will be an announcement of an exploration license in the Karoo, which will lift the share price a little. However, we could see a big lift in share price if that announcement comes around the same time as Chevron announces a multi-million dollar JV spending program with Falcon's land in the Karoo.
We should also be looking forward to hearing some news in March/April that NIS has spudded their first well in Hungary, which will keep some momentum going forward.
The big elephant in the room is definitely going to be Hess's decision by the end of June. This is the one that I am most anxious to hear, as it will probably lead to the first real big step upwards in the share price, particularly if the word on how much oil and gas Hess is hoping to pull from the Beetaloo gets leaked by Hess insiders around the same time. My thinking is that the recent update on potentially recoverable resources the Beetaloo increasing by 100 TCF, along with billions of barrels of oil, makes the Hess decision allot more probable given that there seismic skills using those super computers should show them that the Beetaloo is a long term high value proposition!!
