Trident TD, page-22

Well, what constitutes "material information"?

If you've just reached the top of the section depth and there's no HC show, that doesn't constitute "material information" because it does not preclude the existence of HC at lower depth. In the middle of the section and there is no HC, again, this does not constitute material information because it doesn't preclude HC at lower depth. If there is no HC in Trident, you only have "material information" once you've drilled the entire section because that's when you can say for certain that there is no HC in Trident at all. In the event that TH was called on Thursday and you have "material information" relating to the non-existence of HC then surely you're ready to announce on Friday.

On the other hand, if you have encountered HC at the top of Trident, you definitely have material information but is almost certainly not ready to announce to market because you don't know the column depth, porosity and quality of the HC.