hopefully some lessons have been learned here

Holding through drilling results is dangerous. You can, and often do, lose out. Rampers on various boards have no idea what they're talking about. Oil shows do not neccesarily mean a commercial strike.

Will fall quite substantially now IMO. This means the best buying opportunities are likely to come soon. If you've got cash on the sidelines, I wouldn't bother jumping in yet- there's normally a slow bleeding on the share price post-duster for a couple of weeks.

This will provide a good buying opportunity in time.