I remember a while back, some were saying how institutional...

I remember a while back, some were saying how institutional involvement proved RMP would strike it lucky. When examples were pointed out how this was not the case, they were ignored.

How about this example then:

RMP raised £6.25m at 32p on the 26th April.

On the 17th May, the share price stood at 18.5p, having fallen 40% on the day after poor well results.

Let me guess though, the institutional investors had already sold out before results, or shorted the share price in advance? Because even when rampers are wrong, they're still right!

This was well overvalued and the bubble has finally burst. It wasn't actually a terrible announcement- pretty average as far as they go, but because this had been ramped up so high, nothing less than '1 billion barrels hit, we're all rich' would have sustained the price. I don't believe it would have risen much even with one of those wonder announcements as it was all largely priced in, but I guess we'll never know now.

It's not all doom and gloom however- the upper zone might have a good test- although a single find in the middle of Puntland will not be commercial by itself. To justify laying pipelines etc they'll need to be a number of decent strikes. The oil is at least there, somewhere, and I'd imagine it's been a useful drill in a technical sense. Downside is RMP only get one more bite of the cherry and it's all over as I doubt this will rise much in anticipation of the next drill after these results, which means big dilution to fund the third well.

Binary bet now. This still has further to fall in the short term, and will obviously tank on the open on the ASX today.