Ann: Operations Update, page-142

For many a year now, buying on spud of a drill has changed to buy in the lead up and sell on the day of spud etc..
Yes.. ice2 flow retest is not a spudding of well action.. but the overall action is kindof the same.. for traders that is..
So i think.. regardless of recent Update comments.. if there were not going to be comments about oil coming out, that the traders were going to offload on that day, regardless..

The mention of water water and only water, not even frac fluid.. just maybe amplified it a little..

It isnt the first time such movement has happened with 88e.. there was the "confused mud stuff" during ice1, then the IRR issue which caused concern to some.. and now this latest one..

Nevertheless.. based on ongoing success, the sp rose substantially from above mentioned periods..

So as always.. it comes down to the next update.. if they have fracc fluid coming out as expected with possibly the hydrocarbon gases slightly increasing with appropriate C-details, then would imagine the sp would be going back up rather hastily..

The last announcement was basically a step back from the previous one on ice2 well, in terms of positive forward successful detail.. but the researched knew there was nothing else to expect other than the rather menial crap... at this stage..