News

December 19, 2008

Resaca Exploitation Holding Back Development Spending Until The Price Is Right

Resaca Exploitation came to London’s AIM market on 17 July 2008, pretty much at the height of the oil shares boom.

Needless to say, things have been difficult during this first half-year of listed trading, as shares have sunk from an opening price of over 130 pence down to less than 20 pence today.

Although this is fairly illustrative of the small E&P sector as a whole, a sharp decline earlier this month prompted Resaca management to release a 10 December statement reassuring investors that plans remain on track and that nothing untoward is going on.

This reassurance – which included...