DUNR had an incredible session yesterday, shooting a new 52-week high at $0.49 and getting again the considerable trading volume of 1.81 million shares. The closing price was at $0.445 was only slightly below the previous highest value for the past year. Although there is still no news on the announced in October last year Joint Venture for the Garden Island Bay Field Project and the LOI to sell 60% of a non-productive lease hold interest, Dune Energy retains and even raises the attention through further announcements and updates.
The start of the dredging operations at the 19,500 feet subsalt test at Garden Island Bay Field seems to have
begun just as expected and the well is anticipated to take 80-120 days to drill and test. Also, the company said yesterday it anticipates spudding another well in late January or early February. Another positive announcement was that Dune Energy debts restructuring has substantially improved the liquidity, or at least to the extent that the drilling and interest expenses for the current year could be supported.
In the meantime, it looks like Dune Energy got some support also from a website providing equity research to companies in exchange for a cash, stock or stock options compensation. On Monday this week, it was announced that http://www.wallstreetequityresearch.com is distributing to its subscribers free research reports on Dune Energy. Although most likely the research report has been paid for and is of doubtful quality, maybe it has brought additional buyers to the market.
