Holders may wish to add to their position to counter a perceived undervaluing would be a reason to not having a concern owning an undervalued stock in the short term. If not adding, then a higher price is obviously going to give a potential option(s) to sell for greater returns. No argument here on that, but my reference was purely on a short term basis with the likely impending news of the WDS farm in.
I think there are potentially greater things at play than just a lack of preliminary findings being released which has seen a short term decrease in the SP as you suggest. Things such as the Chevron and Shell news may well have concerned some holders who have decided to sell. There has been other stock in the OB such as SEI which has seen similar drops although they are obviously directly related to Chevron in PEL90.
I'm just not as concerned as others in the position of the SP based on where we are at with the information at hand. Perhaps that might be naivety or whatever you may like to call it, but I guess in time we will see. Perhaps PCL are being over cautious in their approach on the release of preliminary findings; or want to add to their knowledge base first; or perhaps they don't want to put WDS's nose out of joint with the impending farm-in? But I'm just speculating here and don't know the real reason or even if they have to at this point in time, to answer your question.
PCL Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)