Drummoyne has made a several pertinent points here. If i was a...

Drummoyne has made a several pertinent points here. If i was a short-term trader i too probably would have sold a bit on the open and re-bought into 38-35c. However, i think one needs to take a step back and look at where this firm has moved to in 3/4months since MC left. The firm's cash balance hasnt been as solid, a farm-in and deleveraging of the ozzie assets. The previous hi was 80/88c and we are off back to 35c ish..so effectively since Eve et al have joined the market is paying an extra 5-7c ps in premium for all this effort and expertise.Utter nonsense. I think the mkt has sold off for 3 reasons:
1) GALP - the old portugese amalgam of petrogal etc/ perhaps the perception of periphery euro, not 1st class enough vis-avis BP/Exxon stock. Well, these guys have immense expertise off-short africa and southern e+p med. this is a great result and 25% is better than previous deals. i am happy with this
2) Chinese shell company - i think herein lies the main issue and the punishment. Even if Ambrian were immensely discounting/mis-pricing the ozzie assets, the market has effectively priced them at junk now. For me the issue here is not the valuation of the ozzie asset - but the market panicking as to whether Eve/Brent et al have miscaluclated and totally messed this up. The market is now questioning Management's judgement. As i have said before - Eve has more reputational/legacy risk than allow this to happen. This is a Chinese govt/investment vehicle to buy Aussie assets. Could it have been implimented better, with a more transparent name? yes - definitely. They need get the PR sorted Asap. This is a side issue and unimportant.
3) Messiah complex - market got too long in the hope that Eve will deliver a Hail Mary and we'd be at $20/per share tonight. Long liquidation and that's it..

Ok we move on now. The company has better cash/asset base than pre-MC and better prospects. This is noise. Things will settle and we will rever back to solid fundamentals. 3D out shortly and we will then get going. The company is trading say 36-37c - so 15c off failure.
Well i think nothing has changed.. the firm is in better shape than pre-announcements and we are flushing spec length.. move on, nothing to see here...30-33c i am a buyer..and i hope we get there!! In the end we are still dealing in penny handles here.. fair-value is over $1.20