By Ben Turney | Wednesday 23 July 2014
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
The price of Chariot Oil & Gas’ (CHAR) placement yesterday would have come as a shock to most holders. After a year of apparent progress across its portfolio of Atlantic Margin oil exploration assets, including three farm-outs, few would have expected the company to place at a 52 week low. What damage this transaction does to sentiment towards this stock remains to be seen, but Chariot is now likely to face an uphill battle convincing investors of its inherent value.
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