prior to Stella production ? To me, management has held out for a top value price - probably somewhere close to $4.00 and all of the potential acquirers walked away at that price. Since then, Athena production has continued to disappoint versus previous expectations of 5,000 bo/d. The 5K was probably a key feature by management pitching the value of Ithaca at $4. Who is to say given management's track record that Stella would come close to Ithaca's 16,000 bo/d ?
The way I look at it, I think the markets in general are in for 2 or 3 really challenging months before there is any more clarity on direction. In that environment I can see Ithaca's share price erroding (along with everything else). I am all cash at the moment waiting for that max pain moment again to return to the markets - I think we will see it over the next 6 months and that is where some easy money will be made.
My two cents worth