The reason SXY has under performed its peers is that it delayed...

The reason SXY has under performed its peers is that it delayed its unconventional gas fracking program in PEL516. IMO
When you go back and read previous announcements this was promised in 4th QTR 2012, but alas Mgt didn't deliver.
Why....my guess is either they couldn't secure a dedicated rig OR want to see how BPT *ICN go with their fracking in PEL 218 & 855.
SXY Management still haven't announced (in detail) when they will be starting their un-con drilling program. Just a general statement it will happen this QTR.
I'd expect a ANN this week on Paning 2 update, however this is not the fracking we are waiting for in PEL516.
So, until this happens SXY will languish in price, relying only upon its (successful) oil revenues.
Its also possible that SXY may not frack PEL 516, if the flow data from PEL218 (BPT) is not commercial....we are all awaiting the results of that.....