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Re: SDX down on increased volume in LondonMaybe the rumors of Eni making an enormous discovery at Noor have something to do with it. People think the price of gas in Egypt is going even lower.... I very much doubt that it has anything to do with the price of gas in Egypt. It can't go below $2.65/MCF which is what the analysts are factoring in. And for the bottom line, each MCF in Morocco is worth 4 or 5x more than in Egypt. I know nothing but I can speculate: Some institution has decided to sell either to meet redemptions or because they have become discouraged by any of these things:
In the absence of a new buyer (the two largest holders are probably maxed out) any one seller will put pressure on the price. Some of the concerns above could be addressed by an operational update and 2Q earnings release due this month. Others will take time. Traders have no patience. Investors need a strong stomach and a long time horizon.
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