I think it will all depend on the timing of the drilling. If the StockAnalysis comment is right and they decide to drill before calendar year end then not much retrace, if at all. With the benefit of favourable CSEM it's not outside the bounds of possibility that Shell would announce a multi-well exploration & appraisal since mobilising the rig (semisub or drillship) would be a signif cost. Of course that would put the cat among the pigeons for FAR who would need to plan for extra funding somewhere, but probably post a successful first well like KAR, to minimise dilution.
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