is a cr required, page-7

"I can imagine someone exiting because of their strategy"

This is a good point and one that has also occurred to me. The following is just speculation on my part but FWIW I note the following time line

april 2011 EXE organizes a 37.5mill share placement @ 20c for working capital right at the top of the market. This was either slick or fortuitous timing by the company.

post april 2011 EXE SP begins to fall into a hole

August 2011 fear has once again griped the world, Europe is in melt down and all the rules have changes once again.

November 2011 EXE hits a low of 8.2c and begins a recovery

Feb 2012 on the back of some encouraging 2011 field work EXE peaks in Feb with a head and shoulders top. Both shoulders peak at 20c and the head nudges 21c.

April 2012 after a good quarter overseas markets show signs of a correction. There are a few jitters again with Europe and concerns about slowing numbers out of China. EXE finds itself back at 14.5c but also is on the eve of an aggressive 2012 drilling season.

Conclusion : perhaps it is significant that the recent H&S top was the same price as last years placement. I can't imagine that it would be anyone's strategy that you purchase a large parcel of shares and then watch them plummet relentlessly to 41% of the purchase price. I also can't help wondering if the changed financial landscape post the Greek meltdown doesn't change risk tolerance for the placement recipients. I also wonder if last year's placees did not see the recent rally as a chance to get out at break even or just a bit below.

If that were the case then who could blame them for bailing out.... but for me I am happy to be positively focussed on this year's drill program.