Agreed the D&A has had a major effect on the general sentiment...

Agreed the D&A has had a major effect on the general sentiment here. And more drilling will reduce the Amort.
As frustrating as this has been personally think the end is nigh (as far as a falling SP).

Wouldn't agree the wells are riskier, the proportion of development wells vs wildcats is still heavily geared towards ongoing incremental P1/P2 increases but with the ongoing improvement in the Co's tech base the exploration wells are becoming both bigger and better targeted.

Hence both Hoffer and now Hermes over the last 12 months.
No-one should underestimate how much Gas/oil these things are throwing off. I'd hazard a guess that they will eventually combined be worth more than the current market cap.

Then throw in Schwing .. very very close now!

BTW my impression is that a small no. of shareholders hold a very substantial cut of the stock now. Hence why, in part I've been building a stake again too.

DYOR