ann, page-17

INP hasn't been kind to me either. I thought there was reasonable safety buying at $1.28 average (down from $1.97 high).

I am surprised the market has sold down EMR and INP so much after good announcements.

As I take it the mid-range value of the find to EMR is justification for much of the market cap allowing for risk that other wells in the prospect may not be as successful.

Little is factored in for the potential of stokes bay which is as certain as any wildcat well can be of finding a good reservoir as they already know there is substantial gas up-dip. All it hangs on is the porosity, and as the well will be horizontal and can follow the formation this risk is significantly reduced as production is possible will poor porosity/permeability if you drill a couple of thousand feet along the formation. Success as SB will likely be worth more than the prediction as gas was found well down-dip at valentine which would probably not have been expected prior to drilling.

I'm certainly not selling at this price. Part of the sell-down may have been T+1 or T+3 caught out by the trading halt and having to liquidate at all cost, seeing how volatile EMR has become due to day-traders.

I would expect this to return to about 24c pending results, then to anywhere between 10c and 80c depending on result.