It's a few days notice for the drawdown before it takes place,...

It's a few days notice for the drawdown before it takes place, then the actual event takes place pretty quickly I think.

The drop isn't all to do with the drawdown, it's been more severe than before, oweing partly to Japan and Middle East issues, but also spurred on in a big way by nervous PI's.

Basically, let's say the drawdown would normally cause a 10% drop overall. That's from about 24p to 21.5p, which is what we were sitting on quite happily. However then we get the Middle East problems causing a further kick down, then the earthquake adding more fuel to the fire. As we had risen a lot recently, and sentiment was high, the bad news had a bigger effect on us as good news was expected (rubbish stocks on the AIM haven't fallen as much because their investors are, well, used to bad news anyway).

Basically, you've got your normal drawdown causing the price to slip a bit, but then add the Middle East issues and the earthquake and you've got a pretty large drop of about 15-20% or so. However once this happens, nervous PI's get the impression that this is part of a larger downtrend, sell out, and all of a sudden you get the spiralling drop we've seen so far.

It's at times like this it pays to look at the fundamentals, which remain unchanged and very positive. Huge licence areas across multiple continents, producing oil with more to come by the look of recent Texas success, a permenant drilling programme being undertaken in the very near future and a slice of producing oil in Trinidad. Remember the saying- be greedy when others are fearful. Stuff like this is also why investors should have time periods of months and years for their investments, not days and weeks. It's very easy for solid, good stocks to go down over a short period. Harder for them to go down over the long term.

I would have thought that the drawdown, if there is one taking place, would be finished very soon just going off previous timescales for past drawdowns. But it isn't just the drawdown causing this, it's the global problems, spoilt people who have got sick of waiting for news on Georgia/Puntland after only a couple of weeks after hearing the rig contractor has been signed, and a good helping of overreaction and stupidity IMO.