Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of oil explorer Hyperdynamics
So what: Today the company announced that AGR Petroleum Services had signed a contract with Jasper Drilling Private Limited on behalf of Hyperdynamics. The Jasper Explorer, capable of drilling in up to 5,000 feet of water, is expected to spud the first well in the fourth quarter.
Now what: Hyperdynamics is normally a volatile stock, but this move is worth it because finalizing this deal is a big step toward the company actually getting some oil out of the ground. That said, I don't see this as a change to the company's investment thesis. If you liked Hyperdynamics yesterday, you probably like it even more today, and if you hated it yesterday, the price is reason to hate it even more. Let the long/short tug of war continue.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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