Hey Lucky7 you must have shed a lot on this one? I can see from...

Hey Lucky7 you must have shed a lot on this one?

I can see from the SP why you would be real negative on this company, but it does sound like you must have done well on other similar stocks? so law of probabilities is at play here - especially if it is a speculative play.

Debacle of a company run by CNOOC;
effectively they are the biggest influencers over EXE as they are the largest funder to the exploration as well as the senior JV Partner, CNOOC will be a substantial shareholder sooner than later with their 20% holding. CNOOC are also the Funder & JV Partner on the next 4 tenements to be explored. CNOOC has the pipelines, the ports and effectively the Chinese customer. So yes the CHINESE! effectively control the puppets strings on this whole deal - from exploration to customer.

The EXE guys are just too small with their own capital to push this whole deal through especially in this market where risk is very much off and tapping the markets for the capital it needs would end this Exoma story.
So along comes CNOOC (which is effectively the customer) who can do a great deal for its own shareholders (albeit the Chinese Govt.) and now they dominate the Exoma story.

As an investor / Speculator all this should have been taken into account along the way and the current arrangements would have been reasonably predictable as would the effect on the SP (with the exception being an early oil strike). Add to this, high rainfalls delaying the start of the 2012 program (substantially) and now we are back to the rainy season once again with very little news flow and of course no drill results to anticipate, it is all too much for the smaller Investor to cope with.

But the big question has to be - Why is CNOOC piling in on the back of the very same drill program results that the "small Investor" is fleeing on and abandoning their positions?