Ann: Alameda-1 Drilling Update, page-81

Great announcement confirms there is a lot of oil in the lower sheets, the important parts of the announcement are:

• Continuous excellent oil shows were encountered over the entire gross interval of almost 300 mMD / 245 mTVD whilst drilling the Marti structure.
• Logs were acquired over 276 mMD of the Marti objective
• Logging tests were carried out with out any problems and all went well
• The quality of the data gathered was good and analysis is now underway
• The lowest oil indications in Alameda-1 are in any case more than 500 metres below the crest of the Marti structure on the pre-drill mapping
• Work has now commenced on preparations for flow testing this interval, to commence about mid-April

It cant get much better than that the gross oil interval is of almost 300m, indicating a large oil resource, if flow tests are good which I am confident they will be, then we have we have a globally significant oil discovery. Flow testing to be done around mid April.
Another announcement will be due shortly after the analysis of the logging data.
IMO The selling is from short term traders who expected to sell on a rally of the good news, once selling is done expect the share price to rally back.