its been trading at 50c for a while and it was clear that demand was not there to push it higher. whoever is managing it is now managing it at a lower handle, is all. punters have forgotton the cvn and far successes of a few weeks ago. the oil price today doesnt mean a lot when the deal is done and the drilling commitment is there. if they make a commercial discovery, itll get sanctioned at higher prices. oil won't be $70 in 2017.
still - bit scary that this has not really had its run yet and we are only 2-3 months from drilling
its just typical that the oil price should get hammered ahead of an exciting campaign like this.
Price Fall, page-8
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