What's that I smell? - Fear. Uncertainty. Doubt. ? As they say "when in doubt, zoom out" - the longer term trend tells the story. O&G industry moves notoriously slow (from a public perspective), there is no doubt lots going on behind the scenes; and when it moves publicly, it will be brisk. A good case study is observing how quietly some of these deals are happening in the background - EcoAtlantic recently, the Energia Galp discovery, ENI/rhino farm-in. They are all catching the public by surprise, as the players 'move in silence'. From a technical perspective, there is a fair chance we will test cyclical lows (0.019 - 0.020), before cycling back up - again my opinion only. Three choices, Buy, Sell, Hold. My recommendation, combine the third choice, with a beer (or two). Investments take time.
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