The announcement clearly states that they are targeting the Steinhalm formation and that is the formation they intersected when they hit 115m of condensate liquids rich gas between 1452m and 1567m. To imply that 115m of liquids rich condensate gas is "minor gas shows" is utterly ridiculous.
The announcement also tells you that at the time of the announcement they were at a depth 1733m and the end of hole depth is 1900m. The target formation has already been intersected.
The company drilled the hole without seismic data, therefore the target range (depth) to intersect the Steinalm formation was an estimate, hence the hole going to 1900m. The target has already been intersected.
As for the share price, the market is full of traders and when a stock was up 100%, of course traders seek to exit before 1+2, otherwise they have to settle the trade.
In regards to trading halt, there is no pre-requisite for a trading halt in ASX listing rules for a price-sensitive or discovery related announcement.
A trading halt is necessary where there is concern regard informed trading of shares if the company is still trading or uncertainty in outcomes.
Clearly, ADX made the discovery over the weekend and released the news on Monday. There was no possibilities for insider trading during this period and the information was available for release.
Refer to Guidance note 16 of the ASX Listing rules and 3.1 - 31B.
