Friday was brutal and this was accelerated by Kris lodging the...

Friday was brutal and this was accelerated by Kris lodging the announcement 2 hours after close on the Singapore market and some 12 hours prior to the open in Australia. This was not an agreed action by the JV and it caught ENI and NEN flat footed, quite ordinary really and I for one don't know why they would do that.
The consequence was Friday was going to be a shocker along with the P&A notification. For quite a number of people that carry margin lending this feed into the sell line by the banks, then add stop losses and you have raw panic, people were running over the cliff thinking all,will be all right.
For the poor souls who have margin lending they will be declaring themselves bankrupt and will lose their homes. The call on a 75% loss is huge and in the margin game the banks will sell and then call the margin in and payment is with 24 hours I believe. NEN was brutally oversold and a lot of people were bashed as a result of this.
NEN fundamentals are sound and they will get back to where they were. What a lot of people didn't think about was that NEN has many options as it is not a one show pony. 120 & 105 is 15,000sq Km and only 1600km has had 3D data across it. Then there is CA and Indonesia.
As I said Friday was almost a perfect storm where a lot of people were taken.
Gotta be a buy and a half now.