Unfortunately things are playing out per the worst fears we had....

Unfortunately things are playing out per the worst fears we had. The price confirmed that the approval of FID/FDP was baked into the price. As us long holders have witnessed before, we saw leaky ship as there was clearly someone informed about the RRE reservations and thus managed to sell out. If the usual playbook continue we will see a shiny new outfit exploring new licenses, and RRE will let us starve to death. Why pay for something they can get for free. Chris Lewis still has too many shares for RRE to force this through, but even he will starve at some point. Who will bet against re-use of the flashy powerpoint slides?

Many of us would have sold out as well if informed in the beginning of December. Plus we stubbornly hold onto a losing trade. Not much to do but hold and hope for some recovery. The more this is delayed the more the date for first gas is delayed. As hhonner ask why no announcement when things are negative? Well even with an announcement at this point confirming what we believe we know, then we will not move up. If we get a positive message we will see a muted response because we now own 20% and not 100% when the tax regime changed, and the leavers will not return unless something unforeseen positive happens.

From a technical perspective the longer it takes to re-capture 1.5c the harder it will be to have reversal. Now we don't even know for sure if we see first gas on current timeline or ever.

As Buddha famously said. If you cannot stomach a 90% loss in HHR you do not deserve the 10x gain. Or perhaps it was Socrates.