i think 2 things are in play:1) global meltdown (obvious) and...

i think 2 things are in play:

1) global meltdown (obvious) and small caps are getting hit much harder, as they always do
2) despite the fact that neptune has a solid order book, the market is pricing in some risk that oil&gas explorers will cut back their expenditure on exploration/maintenance.

I know some people will say that cutbacks by the big oilers is just not going to happen (and i dont think it will either) but there is a small amount of risk that it might... if oil price keeps going down, companies may cut back their exploration, whilst some companies may choose to delay voluntary maintenance or shut-down rigs completely if the cost/benefit of doing expensive maintenance just isnt there...

food for thought...

p.s i bought more today @0.30 and have saved some cash to buy some more in a couple of weeks time..