when the main reason the sp is going up is because the share...

when the main reason the sp is going up is because the share price is going up(not saying this is necessarily the case here), eventually it runs out of steam and a retrace occurs. Have a look at the volume over the last few days. It has been declining. I was wrong about the point that the retrace would occur, and maybe it still won't but nothing just keeps going up forever (especially when it is speculative). Doesn't have to be an announcement. can just be that the last people to jump on, don't see it going up so start to sell, if enough start to sell, others get worried and start to sell as well, and down the price goes.

Another typical phenominon with oil stocks is that buying occurs when wells are spudded, people start buying anticipating sucess, close to the time it will be know if the well is a success or not, some buyers start to sell, taking what profit they have made, as if the well is a dud the price will plumett. Of course if it is a success it may go up some more, but often a large component of the price is already assuning success, and it it is successful it doesn't go up a whole lot more. Such is the fun of speculation ;)

Tony.