Hi Kd, let me clear this up. I don't profess to know why the SP...

Hi Kd, let me clear this up.

I don't profess to know why the SP does what it does and I don't expect I ever will. My post, which may have escaped a few people for the joke it was meant to be, was addressing Dave's comment that "today's leg up was approx half of that of the 1st well ann. Law of diminishing returns? Shouldn't the SP be gaping up more with re-enforcement they're nailing it at Cedar Pt?", which insinuates that on every similar result we should get an exact market response. That's Efficient Market Hypothesis (EMH), and has been disproved time and time again.

So while it may we well hidden the fact is that I agree with you. Linc has an asset base that warrants a certain business valuation and my opinion is that numerous times over the past 18 months the SP has been at a vast discount to that value. Which brings me the the point I was trying to make, that the SP rarely reflects real value. And to say that well results should show a same market reaction when released is to assume the price was right 'before' the announcements were made, which is to assume these new wells are worth well over $175m.

That's a strikingly good example of an inefficient market. But it doesn't mean the company is now overvalued.

Hope that helps. And I think Dave understood.