I'm quite surprised at the SP reaction. Given where we have come...

I'm quite surprised at the SP reaction. Given where we have come from, the update was not a major surprise. The key over the last couple of years was firstly whether SLR could survive with their high production costs and if they had enough reserves to give them a decent LOM.
They have done some good work on lowering the costs and have issued the good news of approving a good exploration capital spend in FY2017.
Seems like they are tackling the issues as required.
Much needs to be done to address the issues raised by other above in terms of geographical dispersion and cost profile of the RESOURCES but there are enough RESERVES to keep them going for 2.5 - 3 years.
Part 2 of the plan is now high priority to ensure they extend this, so reasonably on track.
And lastly, the hedging is a good fall back if the bottom falls out of the POG.
Not all doom and gloom (IMO).