“The market is never wrong” – well that’s garbage. The market is irrational, it cares not for fundamentals.
The fact is, we don’t know what is happening 11,0000ft below the surface, the market certainly doesn’t. It’s a roll of the dice still and the market has obviously thought it’s not worth the risk based on news it doesn’t understand.
I think where this company has stuffed up is that flow rates were expected by now, and this is what the market is reacting to.
If it had been flagged from day one that “we WILL be doing a shut in as per normal for fracking operations”, then this reaction wouldn’t have happened – that would’ve then opened the possibility to over delivering if it flowed without all that extra work.
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