oil is there, page-27

not only is it a down grade by hartleys to 4 cents but they believe it will go lower than 4 cents "in the event of further selling"

extract below...

Downgrade to Hold

Given the likelihood of a commercial success in the current well is low and that there is no visibility around key catalysts, including the third optional well and finalisation of the farm-in in Europe, we are downgrading SUR from a Speculative Buy to a Hold. Our price target has decreased to 4cps.

We believe that speculative interest will return to the stock in the lead-up to drilling in Europe. If the results from the current well are disappointing, then an opportunistic entry may be possible in the event of further selling down of the stock.