Honestly, I think that is a big reason. I posted on reddit a similiar response regarding IVZ but I think the same is true in our situation.
The last two weeks haven't been great for EXR and I'd hazard a guess that it's because of the current sentiment around renewables vs fossil fuels. With the climate summit taking place and the crazy run renewables have had in the past month (just look at lithium), some would look at EXR and see that their money could be better placed elsewhere where sentiment, hype, & future value is driving price rather than current value. From the O&G tickers I've seen mentioned (TPD, BRK, IVZ) all have declined the last couple of weeks and I'd guess it's the same issue for them.
If gains can be had elsewhere, why not sell now, trade elsewhere and buy back in 2022 when the SP starts seeing more traction or it dips further. We're also now in a bit of a holding pattern while we wait for the pilot production to get underway. Hopefully that will be the price catalyst that sees us proving up our resources. I think that it is important to highlight that even with this occurring, the SP might not jump as high as we wish purely because there will be less investing in a gas explorer/producer. For this reason I'd assume the days of crazy gains and hype are probably going to be non-existent. You can just look at the difference in reaction between the hydrogen announcement and the Nomgon-6 results in October. Nomgon should have had much more of a positive effect but all it caused was a price drop.
Ideally, it won't matter though. If everything goes to plan and gas begins flowing next year, the LNG plant gets built and we start bringing in revenue etc etc then a takeover will occur based on the value of the company's resources (identified sub-basins, proven gas, hydrogen potential/development?), not on market sentiment and share price.
On a slightly separate issue regarding utilising the current $30m in funds, I do agree that it would be good to see additional drills and the like but I'm hoping they have plans to use it in 2022 that are outlined. If drills are hard to acquire for the reasons outlined by others then perhaps that money will be used for hydrogen investment or a second pilot production sooner than planned if the first proves to be successful and they're able to repeat the process with more ease/knowledge at hand.
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