The optimistic (and hopefully correct) view is that investors are concluding that recent events have impacted HDR much too severely. The delay in a Tiof decision is just that - a deferment until more data can be assembled- not a project abandonment. Similarly, the results from Labeidna may well lead to a positive outcome, if a second exploratory well is scheduled and/or N'dor prospectivity is enhanced.
Just as share prices can drift down in a climate of uncertainty and lack of news, they can also drift up as intelligent decisionmakers think carefully about a situation, talk positively amongst themselves and make buying decisions in a positive climate.
HDR
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