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reasonable person...material effect on price.

speculation - If I was told that they were say 75% drilling through Trident and no HC were found, I'd sell and I'm sure others would as well. That would materially effect the price.

Not saying that this is the case, but I believe it is possible. I've seen too many stocks where people have counted their chickens early and have been severely disappointed so I want to cover all bases here (and hopefully have me shot down).