Ann: Merlin-2 Well Reaches Total Depth, page-281

IMO, the market has reacted this way not necessarily because their is no discovery (we don't know for sure) but because they are at a very risky juncture where they failed last year.....deja vu. No one can rule out a discovery or arrive at a definitive conclusion at this stage. For now, treat whatever you read on SM as mere conjectures. No one has an idea if it's going to be a failure or success.

Based on my limited understanding, Wireline logging involves making repeated trips down hole to collect samples for analysis. A stage where their tool got stuck, equipment failed, power outage occured and the well was stuffed up last year. How do you trust that they will get it right this time? 10 days is a long wait to find that out. Anything can go wrong within these next few days if the past is anything to go by. It's a long period of darkness. Is there going to be light at the end of the tunnel and holders will be rewarded or we all descend into the abyss with 88E?

A lot of investors had planned to bail out at an initial pump which never happened. I reckon the risk was now too high for them....so they felt there was no point waiting if things didn't happen the way you thought they would....the uncertainty is now too high.