APCL, page-2

Probably a combination of the oil price, the market in Norway, investor fatigue and fear of losing licenses over the next few months. Take your pick...

They also have a drill or drop decision to make in the middle of June on their SOSP license in Senegal, so that may also have an impact. "Middle of June" isn't a real date, but it has to be around now.

If they can farm out some of their Gambia or Senegal licenses over the next few months (which is still a big IF until it is inked), they should be sitting fine. If not, then they may have some challenges ahead.