my thoughts, page-12

It's a funny discussion and I didn't expect some of this from oil punters who should understand the odds. The investment for the company is simple. At 1 in 4 the odds are excellent if you get $100M in value for the well cost, particularly when someone else is funding the well. So their decision as a company is simple. However, for an investor, the return is more relative to current market cap rather than to well cost. So, to keep it simple, some would argue that the return does not warrant the risk of holding given a current market cap of $50M with limited value currently ascribed to other assets, and given they could potentially jump back in albeit at a premium on success.

All I was getting at here is that there is not always a conspiracy theory behind selling such as tree shakers etc. Everyone has a different appetite for risk, and understanding odds is what oil exploration is all about. And the past dry holes don't increase the chance of success in this one even though I am sure that comment was tongue in cheek. However, they do clearly highlight the big risk.