summary in sgy ann. from 1 oct. re paloma, page-4

referring to NEN petrovski.

Looks like developing paloma is going to require a lot of knowledge, experience and $ as the flow characteristics of vertical wells are not worth SGY investing their time and money there.

Take NEN cash at hand and divide by shares on offer and your will see it is trading at many multiples of its cash backing.

So my conclusion is .... the current drill campaign looks promising, but is it worth me paying 70-80% premium to cash backing? ..... No

If it is deemed commercial, I might miss a bit of profit on the way up, but holding shares if this well incurs a problem will see big $ lost. (seen plenty go wrong in O&G sector)

1st, 2nd and 3rd rule of investing : protect your capital.

Looks to me as if someone has been derisking their investment in the 0.295-0.305 price range for the last several trading days.