AAPH closed yesterday 3.12% lower than the previous trading session at $0.31 for a share. During the day the share price surged up still driven by the new promoting alerts, though the hard resistance at $0.34 could not get broken for a second time in row. The same promoter that had advertised the shares earlier last year got into action again on Friday and this time got even paid a compensation of $25,000 from a third party. His campaign will run throughout the whole week.
AAPH got recommended as a possible multi-day runner, given it overcomes the resistance level, which could not happen in two consecutive trading sessions. Apparently, the volume generated by the promotion was lower than the one realized during the countless previous promotions, and after yesterday the technical breakout that the promoters dreams of in the alerts might get canceled completely.
The latest press releases of the company also could not help AAPH share price get above $0.35. Yesterday, American Petro-Hunter announced increased production from its NOJ26 Well at the North Oklahoma Project. Before that, it was said about two weeks ago that AAPH plans to drill another well at the project, spud date is yet to be announced.
American Petro-Hunter latest financial report does not sound so optimistic, however, showing very minor revenues as compared to the overall costs, and liquid assets that are not enough to cover the outstanding short-term debts. Management plan is to raise equity financing, which means dilution for the shareholders should be expected.
