Yup, steady does it.
Let's not forget that it's only since the 20th March we joined the All Ords and Instos will be having a closer look now than in the past.
They obviously won't have any wish for the sp to start rocketing until they've had a chance to take a modest bite at the apple.
As of Oct 2022 the Top20 'only' held 27% so there's lots available but imo, once we see Instos declaring +5% holdings - that's when the sp fun really begins with the registry getting tighter.
Glah
Ann: Update on Appraisal Well Drilling Program Timetable, page-515
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