Some interesting points @onceakiwi, I don't think there is a...

Some interesting points @onceakiwi, I don't think there is a continuous sell-off, more a slow leak. Someone alluded to the cause of the slow leak in the voluminous posting this week, and I tend to agree. Lots of holders bought in at different times. A lot of people who comment here have been around for more than three years now. Like me, they have decent sized holdings and an average that's well below the current share price. We also know a lot of people bought in with averages well above the current price. Those holders have stayed the course waiting for the re-rate that they hope will arrive with each promising piece of news.

We have had some really good announcements, and some very promising news in relation to the project. Many have been disappointed when those announcements don't generate a lasting spike in the share price. My guess is those holders who are in the red and have waited patiently for many months, sometimes years, for those results have become fed-up, cashed in their chips and moved on. Each new announcement therefore gives the opportunity for those holders to sell and move on. There is no evidence of a significant holder exiting. The T20 has been relatively static for years - which means all those people have an average well south of the current share price. There is also no evidence of anyone keeping the price deliberately low - that would also be irrational. The only time you would deliberately lower a price was if you were accumulating - from the T20 we know no one is accumulating a sizable amount. The algo traders who revel in EXR are pip trading buy and sell parcels of around a million shares. They push the price down pips, pick up the shares of disgruntled holders, push the price up pips and sell them. I think the algo traders do their trading primarily on the chi-x.

My opinion is no significant re-rate will occur till we start selling gas and/or when offers of take over start. We are unambiguously closer to both of those things. Of all the things that have been asked this week, understanding the path to the sale of gas is what interests me most currently. A perfect scenario for me would be gas sales funding exploration and expansion, I would much prefer that to share dilution.

So this week provided us with more excellent news. That news was used by a small number as an opportunity to exit. Volume last week and this week was almost the same, and well above the trend of the last 12 months. We saw hundreds of trades and 32 million shares traded over the last two weeks - quite a few of those were people exiting positions (in my humble opinion). Thursday and Friday of this week appear to be a resumption of normal trading. That is, low volumes with heavy algo involvement.