I think today's announcement is actually a sign that the company...

I think today's announcement is actually a sign that the company and it's communication is maturing. Sure it's a short term hit to trading sentiment, and sure there are still plenty of questions left, but there is still the prospect of this turning into a great medium to long term story.

I always thought that the timeline was punchy, and to publish it so openly was just begging for trouble. With this week's announcement of the Victorian exploration permit I think they realised that they really had to address the elephant in the room - the farm out. We all know the speculation that there has been on this deal. At least we now have some facts - 2 sets of active negotiations with the possibility of more getting on board at any moment. To me this suggests the game changing move is still a significant likihood, but I wouldn't be game enough to suggest when this might happen. It'll happen when it happens.

At the same time I'm glad to see the company develop the portfolio with 1) Western Australia 2) Victoria 3) Further analysis of existing Seychells acreage 4) Strong indications that further Seychelles acreage is on the way. To me this is growing into a still risky play, but one with a portfolio of interesting assets rather than remaining a single asset long shot.

To me in stock action we're seeing a shake out of speculators (no offence meant to anyone, each approach is valid) and a replacement with longer term investors.