Ultimately only 8.2% of the total shares on issue changed hands remarkable how the weak hands capitulated.
Ultimately Neil has to be held accountable sadly. Problem is he continually and needlessly harped on about the 2.5 being a commerical rate and even that it could reduce to 2 given an increase in gas prices. It was literally the centrepiece of alot of the ANNs so it was him who created the rod to beat himself and us with.
This was an appraisal well and the likelihood of cracking the code first time even without the vertical well on a shoestring, contractor stuff ups and long periods in between testing was remote. What was and is critical as he quoted to a number of holders is "in a large unconventional play, a somewhat disappointing flow rate from an early stage well says very very little about the long term value of the play - and for instance I could state that flowing the deep coals adds far more value and is far more interesting in the long term than the DD-2 final flow rate."
Had this been communicated effectively from the start and throughout we would have seen a small bump in the SP at worst rather than the bloodbath we witnessed. Let's remember Shell have already spent probably 4 times our MC so far in proving their tenement up. By all accounts whilst the first well failed the second was a big success. I expect in the short term that they will announce their successful flow rates which should have a knock on effect in kick-starting our SP again.
