No one with any sense thought this would rise on a spud...

No one with any sense thought this would rise on a spud announcement. Spud announcements never do anything as they're already priced in by the market. Everyone following Range knew that Shabeel North would spud soon, so there's no increased buying interest because of it.

You'll get the same thing happening when Texas is finally upgraded- everyone knows about the upgrade, so it's highly unlikely they'll be a large price increase.