doubts on canada approving cnooc deal, page-6

With respect pilatus, yes Volume is where your current answer lies, there has been no conviction to these falls.

While the small investors have made their decisions and sold off...........,
1. CNOOC at the same time and acting on the same 2012 drill results have significantly increased funding to their JV with EXE in the current tenements.
2. CNOOC have committed to the 4 new tenements.
3. CNOOC are taking significant 20% stake in Exoma itself.

This is how CNOOC have interpreted the same results as the small investor who is fleeing in droves on very very small volumes.

The drill program was substantially scaled back due to the delayed rainfall interruption at the beginning of 2012 - so it was not a "Massive 2012 Drilling campaign" but merely the bare essential program of what was planned.

As far as the buyers drying up probably most of the serious investors are set, but also some will be quietly picking up the small investors who are selling off.

I am a buyer, but there is no pressure to step in as yet, as I see the small investor/speculators still becoming disillusioned and giving up, so I expect that EXE will test the mid 5 cent range - ie I have plenty of time.