I think they will now have to make sure they get the Grants upgrade announced a fair time before the SPP closing date. It will also need to be a decent sized upgrade.
If its really positive the SP will look to close the overhead gap at 6.4 at some point in the future. It will not be closed without good news at some point.
On balance there are not huge expectations by the market for CXO. In fact probably a fair bit below average market expectations ATM. This sets up a move if the company can surprise the market. That may seem like a long shot but it happens every now and then.
Holders have to hope both management and holders are well and truly aligned.
At this stage it seems the market is focused on Grants (uncertain size ATM) and BP33 (uncertain size ATM). No or little value seems to be placed on the chance of further exploration success.
Its still a bit of a lottery until the upgrade and PFS are out - hence current SP. Although a very, very, decent upgrade soon may surprise and or soothe the market a bit.
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