What a joke.Research report came out on the day when company...

What a joke.

Research report came out on the day when company presentation was released after market. Those bought in left high and dry, allowing smart money to sell into today's strength thanks to some subscription. The market close has a few Million shares on offer suggesting that some may have known about the status of farm out.

I read this presentation and compared to previous "media presentation" released back in Dec 11.

The key difference is there was no mention of farm-in process in this presentation, only ongoing seismic data (last 1-2 slides on seychelles Next Step).

This stock has been range trading btw 4.6c and 5.5c and I wouldn't be surprised when more ppl read this presentation will feel a bit negative on where the farm out is and start to jump ship.

There are better oil stocks that trends up and not like WHN which has been a pretty frustrating stock for long-term holders. I'm starting to think that farm-out may have been canned or a statement saying they'll now be 2Q or 3Q 2012. The least the company could do is to update us with the status of farm out.

Good luck for tomorrow's trading, I think we'll see some bloodbath.