Ann: Operations Update - Interim Results from Drilling, page-97

I can't pretend to understand the machinations of running an ASX/AIM listed company, and remain confused how this latest update has been managed.

ASX goes into a trading halt, RNS released after close, states, Seabee no oil, Nanushuk Formation between 4,460’ and 4,530’ weak to moderate oil shows were recorded,  potentially high water saturation.

AIM goes on to trade, drops 23% to close at 0.79p or 1.47c on 168 mill shares traded.

Stay with me here.

4,460’ and 4,530' is the Nanushuk 5 Topset


This was penetrated on the 28 Feb AK time, as drilling has continued and it's now 3rd March AK time they will now be into the Nanushuk 4 Topset and potentially beyond.



The Nanushuk 4 Topset looks a much better target.

My confusion lays with how a good result from the Nanushuk 4 is released.

Do the they lift the halt Monday and the share price drops to low 1c to balance out with AIM, then a postive RNS sees a bounce back to previous levels.

Or does the halt remain Monday with a positive RNS regarding Topset 4, the halt is lifted and potential gains made. AIM Market massively disadvantaged which is ~65% of the register

If the release had to be made due to continue disclosure, then surely the same would apply pre open Monday.

Of course all of the above is irrelevant if all they find is more water.

Cheers, the beer has worn off.