Brent Emmett outlnes 2015 strategy

Just took another look at the video by Mr Emmett outlining the priorities and strategy for 2015. It was released earlier this year 23/2 and runs for about 7:31 mins. I've done a bit of a transcript from about two thirds of the way in.

Horizon Oil’s long term strategy has always been to be a ENP leader in the Asia Pacific area. We a have a large resource and reserves base only about 12 % of which has been developed. So if we are going to be a much larger company our focus has got to be bringing those undeveloped reserves and resources into the reserves and the developed category. That’s where our attention is focussed in the medium to long term and we believe that if we are successful in doing that our shareholders will be rewarded by the valuations that are being put on reserves. As our shareholders would expect we are very much focussed on keeping our capital costs low in 2015 and in 2016. We are optimising production from our existing fields and as I mentioned before this also includes getting reductions from suppliers in our operating expense. A big part of our focus o 2015 is on our undeveloped reserves and resources and we’ll be exerting a lot of effort in moving those projects forward in terms of planning so that we can take advantage of the cost inflation we’re seeing in capital costs.   So these are the main things we’re focussing on this year.  We do always at this time in the cycle keep a weather eye out for opportunities and I don’t rule out that there might be a long-dated low cost opportunity with some upside that might be a good acquisition for us... http://horizonoil.com.au/investor-centre/latest-announcements/

In my view the video was extremely positive and with what was outlined in it just does not reflect the current share price or market cap.  I get the drop in share price due to - the failed merger with ROC; the decline in POO; the sell off by CBA (is that the same as shorting??) and even the EOFY selling. But against that (as many more competent people have stated on this forum) the upsides for the company have been; the hedging, increased production outputs, lower production costs, renegotiated debt facility and so on.

So three questions. Why have the negatives been so dominant when compared to the positives? How big a factor has the convertible bonds been on  the sharepriceslide (about which I know nothing about)?   Any thoughts on the said acquisition?

Cheers, M1