Ann: West Erregulla Adds A Further Signifcant Gas Discovery, page-188

That's no worries. I think the majority of people in this were surprised at the turn of events. And thinking further about what I was watching, very little was on the board being offerred until the 2 large qty at 270 and 275 was their. It was looking to go 295 or 300 at open. So short term holders did'nt intend to sell lower than 285 or up.

I will never understand the short on good news except for the purposes of attempting accumulation.
Someone else here said that there was a good buy in on Beach Energy which can explain some jumping ship. This will probably stabilise at 265 to 270 on Monday but hey they might also have more good news hahaha.

The market in small cap equities can be very annoying to be in and all too often it reacts counterintuitively. Yourself as an engineer, you need to assume these people are usualy dealing in emotions not quantifiable facts. They buy and sell on how they feel about stocks. Also some clearly just cant read or comprehend what a report is saying and they dump.
Another ploy to be aware of is at the times a company does a credit raise and it's say 20% discounted to the stock offered at the last selling day. So in come the bears and they short the stock pushing it down from we will say 20 to 18 the credit raise was say 16. They then put themselves on the boards at 15 and 16 and some at 17. Because they again wish to accumulate in the short term using the dollars returned to buy more units with same outlay.
Your not usualy offered large quantities as an existing holder at the discounted pricing so they create the fear that the price is going to the credit raise price and eat up what they can hopefully at a lower price than they sold for. If they end up with more dollars out then they just turn over the excess as the fear subsides and price returns to where it should have been. I would say this works out for them 80% of the time.

Remember, you could also use the above information to your advantage when you identify that they are doing it. Be ahead of the game so to speak. All that info of course is mainly relevant to small caps. I suggest you would be more comfortable in blue chips than small caps. I wish I had left all my holdings in blue chips. Accumulate CBA is what I would do, they're not going anywhere and they used to pay my rates and water bills. Not anymore.